KLE Co’s management is concerned that a number of inefficiencies in the procurement system may be having a negative financial impact on the company. As a result, they have requested the internal audit department to carry out a Value for Money audit focused on the company’s procurement practices.Which of the following best summarises the meaning of 'efficiency' in the context of a Value for Money audit?
A.
The lowest cost at which the appropriate quantity and quality of physical, human and financial resources can be achieved
B.
Producing the required goods and services in the shortest time possible
C.
The extent to which an activity is achieving its policy objectives
D.
The relationship between goods and services produced and the resources used to produce them