2.4 Working Capital 3.0 Management letter 3.1 Internal Audit  equal instalments in June 2016 and March 2017) in the previous  year.  The working capital position of the Corporation as at 31 March  2018 showed total current assets of P1 690.20 million and total  current liabilities of P509.34 million, resulting in a net current assets  position of P1 180.86 million.  The current assets included cash of P1 012.55 million, of which  P794.50 million related to housing projects of Government entities.  The following were some of the matters raised by the auditors  and the management responses thereto:  The auditors noted the following exceptions in respect of internal  audit:  In response management stated that they had not been able to  implement this aspect of the internal audit charter as the internal  audit department was short staffed in 2017/2018, operating with  only 2 staff members. They further stated that they had adopted  an informal approach whereby minutes were not taken but  rather when going to a meeting each one of them went with  notes on matters to be discussed.   The internal audit function did not have a quality assessment  process in place to measure itself against the Institute of  Internal Auditors Standards for Professional Practice of internal  audit (IPPF Standards) on a frequent basis and an external  assessment of the internal audit function had not been  performed since inception.   There was no evidence of meetings and direct communications of the internal audit manager and the audit  committee chairman to further support the independence of  the function, as required by the audit charter.  125 