Corporate Governance Disclosures. The board of directors of Celestial City Corporation of Taejon, Korea, is issuing a corporate governance report. In this audit year Celestial City lost 1,280,000,000 South Korean Won

(won) due to a weakness in their internal controls in the treasury department which represents 11 per cent of their current assets. The controllers assistant, Dongsung Young, a Certified Public Accountant (CPA), is asked to write the first draft of the internal control portion of the report.

Required

Pretend that you are Mr Dongsung and write a draft of the internal controls portion of Celestial City Corporation's corporate governance report.