Which of the Following Is Considered One of the Six

question 133

Multiple Choice

Which of the following is considered one of the six most important internal control procedures?

• A)Computerized accounting systems
• B)The board of directors
• C)Proper authorizations
• D)Verification by government agencies

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Definitions:

Procurement

Procurement is the process of finding, agreeing to terms, and acquiring goods, services, or works from an external source, often via a tendering or competitive bidding process.

Sourcing

The process of identifying, evaluating, and securing suppliers or sources for goods and services that a company needs to operate.

Supplier Selection Criteria

The set of standards or benchmarks used to evaluate and choose suppliers based on factors like quality, reliability, cost, and service.