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Procurement Control Systems - Case Study Example

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The ultimate objectives of controlling the procurement process through an information system are to provide updated and accurate information, reduce waste and costs, and reduce the potential for fraud. Routine checks and audits can reduce the possibility of employee error and eliminate the possibility of vendor abuse…
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Procurement Control Systems
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Download file to see previous pages The review should include a check for accuracy and legitimacy. After the purchasing department receives the requisition, purchasing needs to submit the order to a vendor selection process. The company has omitted this step. If the material is a standard item, the selection should be on the basis of competitive bidding to assure the best price and reduce costs (Dall and West, 22). Buyer relationships or a vendor attribute system could be used for specialized material. This would help assure cost containment as well as reduce undue buyer-vendor influence and corruption of the process.
When the material is received, a receiving report should go to the stores as well as purchasing and accounts payable. There also needs to be an interface with the inventory system to update the count and material level. In the example, receiving does not match the material to a purchase order to check for accuracy or completeness. This has the potential of accepting incorrect shipments or backorders that may have been cancelled.
There is also too little control over the invoicing process. In the example, purchasing matches the purchase requisition, purchase order, and receiving report and generates an invoice. The invoice is sent to the controller for payment. ...Download file to see next pagesRead More
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