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SIGNATURE JACQUELINE L. PICKEN
TITLE CORPORATE SECRETARY
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INDEPENDENT AUDITOR'S REPORT ON INTERNAL CONTROL
To the Shareholders and Board of Directors
Investors Research Fund, Inc.
In planning and performing our audit of the financial statements of Investors
Research Fund, Inc. for the year ended September 30, 1999, we considered its
internal control, including control activities for safeguarding securities, in
order to determine our auditing procedures for the purpose of expressing our
opinion on the financial statements and to comply with the requirements of
Form N-SAR, not to provide assurance on internal control.
The management of Investors Research Fund, Inc. is responsible for
establishing and maintaining internal control. In fulfilling this
responsibility, estimates and judgments by management are required to assess
the expected benefits and related costs of controls. Generally, controls that
are relevant to an audit pertain to the entity's objective of preparing
financial statements for external purposes that are fairly presented in
conformity with generally accepted accounting principles. Those controls
include the safeguarding of assets against unauthorized acquisition, use, or
disposition.
Because of inherent limitations in internal control, errors or fraud may occur
and not be detected. Also, projection of any evaluation of internal control
to future periods is subject to the risk that it may become inadequate because
of changes in conditions or that the effectiveness of the design and operation
may deteriorate.
Our consideration of internal control would not necessarily disclose all
matters in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants.
A material weakness is a condition in which the design or operation of one or
more of the internal control components does not reduce to a relatively low
level the risk that misstatements caused by errors or fraud in amounts that
would be material in relation to the financial statements being audited may
occur and not be detected within a timely by employees in the normal course of
performing their assigned functions. However, we noted no matters involving
internal control and its operations, including controls over safeguarding
securities, that we consider to be material weaknesses as defined above
as of September 30, 1999.
This report is intended solely for the information and use of management, the
Board of Directors of Investors Research Fund, Inc., and the Securities and
Exchange Commission.
TIMPSON GARCIA
Oakland, California
November 19, 1999
