$[$Original Text$]$ New vendors must be approved by the controller and CFO $($Treasurer$).$

A copy of the approved purchase order is sent to the vendor for fulfillment.

Bids must be obtained from a minimum of three bidders prior to selecting a new vendor.

No control activity is in place; the company should have formal controls over the bidding and approval process for new vendors.

No control activity is in place; the company should have sequentially numbered purchase orders.