Discuss the Key Internal Controls That Should Be Present in the Processing

question 112

Essay

Discuss the key internal controls that should be present in the processing purchase orders function in the acquisitions and payment cycle.

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Definitions:

Safety

The condition of being protected from or unlikely to cause danger, risk, or injury.

Tenure

A period of time or term during which an office or position is held, or it can refer to a guaranteed permanent employment, especially for teachers and professors.

Self-Actualization

Self-actualization is the realization or fulfilment of one's talents and potentialities, considered as a drive or need present in everyone.

Participative Management

A management style where employees at all levels are encouraged to contribute ideas towards identifying and solving problems, making decisions, and setting goals.