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which would be the least effective procedure for preventing procurement fraud? a. confirming inventory b. creating...

which would be the least effective procedure for preventing procurement fraud? a. confirming inventory b. creating an approved vendor list c.reviewing monthly bank reconcilations d. separating job responsibilities e. looking for cliques

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Answer #1

The correct option is a. confirming inventory

Creating an approved vendor list - Procurement from approved vendor list is effective procedure for preventing procurment fraud, since the procurement is done from the approved vendor.

Reviewing monthly bank reconciliation - reviewing bank reconciliation ensure that proper payment is made to vendors against their Invoices. It play a role of cross checking of payment in their account.

Separating job responsibilities - is an effective procedure for preventing procurement fraud. Since it discourage the fraud.

Hence, confirming inventory is the least effective procedure for preventing procurement fraud.

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