This week the nation's leading online penny auction site, QuiBids.com, has completed and released the results of its internal controls audit. The decision to have an internal audit was made by Quibids in order to put current and future customers at ease. QuiBids subjected itself to an internal controls audit with Grant Thornton earlier this spring. CEO Matt Beckham believes the release of its internal control audit will help to assure consumers of the business standards QuiBids has set for the entertainment retail auction industry.
QuiBids is the first entertainment retail auction site, however, some customers are concerned that automatic bidders and shills are being used on the site. The internal controls audit completed by Grant Thornton states that “QuiBids maintains effective controls to provide reasonable assurance that bids are placed by bona fide users and does not manipulate the bidding process to inflate the bid price or affect who wins the auction (no use of bots, shill bidding or bidding by employees)”. Thus, no shills or automatic bids placed by Quibids itself exists on the site. Also asserted is that QuiBids ships products to auction winners and to those that use the popular “Buy Now” feature on the site.
The entertainment retail auction industry offers consumers the chance to get new popular products for deep discounts while having a fun and entertaining experience. When a consumer chooses to participate on QuiBids, he or she can rest assured of the integrity of the site.
