Question: Below are three procedures that violate common internal control guidelines over the purchasing function: 1. The company has never established any written policies regarding conflicts

Below are three procedures that violate common internal control guidelines over the purchasing function:

1. The company has never established any written policies regarding conflicts of interest for its buyers.

2. The company's buyers are allowed to select suppliers without submitting a list of bidders for review.

3. 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 (1) problem that could arise because of the failure to follow common guidelines in the purchasing function. (9marks)

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