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What controls can be implemented to prevent the fraud

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A purchasing agent for a home improvement center is also part owner in a wholesale lumber company. The agent has sole discretion in selecting vendors for the lumber sold through the center. The agent directs a disproportionate number of purchase orders to his company, which charges above-market prices for its products. The agent's financial interest in the supplier is unknown to his employer.

Question 1: What type of fraud is this and what controls can be implemented to prevent or detect the fraud?

Reference no: EM132574480

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