What is the best control to mitigate the threat of paying prices that are too high for goods ordered?

Question

Quizplus · Accepted Answer

Using only approved suppliers and soliciting competitive bids ensures that the organization is getting the best price possible for the goods ordered, reducing the risk of paying prices that are too high. This control also promotes transparency, accountability, and adherence to procurement policies and regulations. Requiring the receiving department to verify the existence of a valid purchase order and using bar-code technology help prevent errors and fraud, but they do not directly address the issue of overpayment for goods ordered. Only paying invoices that are supported by the original voucher package is also important but does not guarantee that the prices paid are reasonable or competitive.

What Is the Best Control to Mitigate the Threat of Paying