Kyanoga Real Estate prospered during the past 10 years. Business was so good that the company bothered with few internal controls. The recent decline in the local real estate market, however, has caused Kyanoga to experience a shortage of cash. John Flannigan, the company owner, is looking for ways to save money.
Required
As controller of the company, write a memorandum to convince John Flannigan of the company's need for a good system of internal control. Include the definition of internal control, and briefly discuss key internal control objectives.