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Romario is auditing the ICFR of Bernasconi, Inc. He finds that the company lacks an internal control preventing the company purchasing goods or services from
Romario is auditing the ICFR of Bernasconi, Inc. He finds that the company lacks an internal control preventing the company purchasing goods or services from a vendor, if the amount is over $100,000, unless the purchase isauthorized by a designated senior officer of the company. Why is this, at a minimum, a control deficiency (and maybe even a significant deficiency or material weakness)?
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