Below Are Three Procedures That Violate Common Internal Control Guidelines

question 8

Essay

Below are three procedures that violate common internal control guidelines over the purchasing function:
a.The company has never established any written policies regarding conflicts of interest for its buyers.
b.The company's buyers are allowed to select suppliers without submitting a list of bidders for review.
c.The same buyers who ask suppliers to submit requests for quotations receive the suppliers' bids directly from the mailroom.
Required: For each procedure,state one problem that could arise because of the failure to follow common guidelines in the purchasing function.

Understand the GLOBE project's findings on leadership dimensions across different cultures.

Analyze the impact of cultural factors on leadership perceptions and effectiveness.

Learn about the universal attributes of leadership as identified by the GLOBE project.

Understand the concept and components of emotional intelligence.

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Definitions:

Consumer Surplus

The difference between what consumers are willing to pay for a good or service and what they actually pay, representing the benefit to consumers.

Natural Monopoly

A market condition where due to high fixed costs or unique resources, a single firm can supply a good or service to an entire market at a lower cost than what two or more firms could.

Monopolist

A single seller in a market, who has significant market power and can influence the price of goods or services.

Profits

The financial gain achieved when the revenue earned from business activities exceeds the expenses, costs, and taxes needed to sustain the activities.