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正确答案：
(c) The advantage to a company of keeping its working capital cycle short is that fewer resources are tied up in working capital,
thus freeing them for other purposes.
(Other answers considered on their merits)

正确答案：
(c) Management letter effectiveness criteria
Tutorial note: Candidates at this level must know that a management letter is a letter of weakness (also called post-audit
letter). NO marks will be awarded for consideration of any other letters (e.g. management representation letters, engagement
letters).
■ Timeliness – a management letter should be issued as soon as possible after completion of the audit procedures giving
rise to comment. This is particularly important when audit work is carried out on more than one audit visit and where
it is a matter of urgency that management make improvements to their procedures (e.g. where there is evidence of
serious weakness).
■ Clarity – wording must be clear so that recipients understand the significance of weaknesses that are being drawn to
their attention. It is particularly important that implications are explained clearly in terms that will prompt management
to respond positively (e.g. drawing attention to the risks of financial loss arising).
■ Illustrative – specific illustrative examples (e.g. of where controls have not been evidenced) should aid management in
understanding the nature of the problem(s).
■ Constructive comments/advice – recommendations for improvements must be practicable (i.e. appropriate and costeffective
in the light of the client’s resources) if the client is to take corrective action.
■ Conciseness – unnecessary volume will distract management from new/additional matters that require their attention.
For example, matters adequately dealt with in the internal auditor’s report should not be repeated.
■ Factual accuracy is essential. Inaccuracies will not only aggravate the client and appear unprofessional but could, in rare
circumstances, result in liability. Similarly, the letter should not criticise (or ‘cast aspersions’) on individual staff members
if it is the system that is inadequate.
■ A suitable structure – for example ‘tiered’, where the report contains matters of varying levels of significance. By directing
different classes of matters to the appropriate level or area of responsibility action by management can be taken more
speedily and constructively.
Tutorial note: An alternative structure might be one that sequences those recommendations that improve
profitability/cash flows before those that deal with information systems.
■ Inclusion of staff responses – both to advise senior management of action proposed/being taken by their staff and to give
credit to recommendations for improvements where it is due (e.g. where client’s staff have proposed recommendations).
■ Inclusion of management’s response – an indication of the actions that management intends to take is more likely to
result in action being taken. Discussing findings with management first should also ensure their factual accuracy.
■ Client’s perspective – implications from the client’s viewpoint (e.g. in terms of cost savings) are more likely to be acted
on than those expressed from an audit perspective (e.g. in terms of lowered audit risk).
■ Professional tone – should not be offensive. Comments that fault management’s knowledge, competence, motives or
integrity are likely to provoke defensive reactions. Comments should be positive/constructive by emphasising
solutions/benefits.
Tutorial notes: Other points that candidates may include:
■ Inclusion of matters of future relevance
■ Cost effectiveness – minutes of discussions with management instead of a formal weakness letter
■ Not raising ‘people problems’ in such a formal communication (a confidential discussion is preferable).

正确答案：
(b) Principal matters to be included in submission to provide internal audit services
■ Introduction/background – details about York including its organisation (of functions), offices (locations) and number of
internal auditors working within each office. The office that would be responsible for managing the contract should be
stated.
■ A description of York’s services most relevant to RBG’s needs (e.g. in the areas of risk management, IT audits, value for
money (VFM) and corporate governance).
■ Client-specific issues identified. For example, revenue audits will be required routinely for control purposes and to
substantiate the contingent rents due. Other areas of expertise that RBG may be interested in taking advantage of, for
example, special projects such as acquisitions and mergers.
■ York’s approach to assessing audit needs including the key stages and who will be involved. For example:
(1) Preliminary – review of business, industry and the entity’s operating characteristics
(2) Planning – including needs analysis and co-ordination with external audit plan
(3) Post-Audit – assurance that activities were effectively and efficiently executed
(4) Review – of services provided, reports issued and management’s responses.
■ A description of internal audit tools used and methodologies/approach to audit fieldwork including use of embedded
audit software and programs developed by York.
■ A description of York’s systems-based audit, the IT issues to be addressed and the technological support that can be
provided.
■ Any training that will be offered to RBG’s managers and staff, for example, in a risk management approach.
■ A description and quantity of resources, in particular the number of full-time staff, to be deployed in providing services
to RBG. An outline of RBG’s track record in human resource retention and development.
■ Relevant experience – e.g. in internal and external audit in the retail industry. The relative qualifications and skills of
each grade of audit staff and the contract manager in particular.
■ Insurance certifications covering, for example, public liability and professional indemnity insurance.
■ Work ethic policies relating to health and safety, equal opportunities’ and race relations.
■ How York ensures quality throughout the internal audit process including standards to be followed (e.g. Institute of
Internal Auditors’ standards).
■ Sample report templates – e.g. for reporting the results of risk analysis, audit plans and quarterly reporting of findings
to the Audit and Risk Management Committee.
■ Current clients to whom internal audit services are provided from whom RBG will be able to take up references, by
arrangement, if York is short-listed.
■ Any work currently carried out/competed for that could cause a conflict of interest (and the measures to avoid such
conflicts).
■ Fees (daily rates) for each grade of staff and travel and other expenses to be reimbursed. An indication of price increases,
if any, over the three-year contract period. Invoicing terms (e.g. on presentation of reports) and payment terms (e.g. the
end of the month following receipt of the invoice).
■ Performance targets to be met such as deadlines for completing work and submitting and issuing reports.