The directors of Jubilee Co have asked your firm to provide a detailed report at the end of the audit listing all the deficiencies in the internal control system. They are unhappy that during the year discounts had been given to customers who did not qualify for them. They have expressed dissatisfaction with your audit firm as this control deficiency was not reported to them by your firm.

Required Draft points to include in your reply to Jubilee Co. (10 marks)