Internal Controls For The Income Producing Real Estate Industry

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Tim Kizirian
Tim Heinze
Wallace Leese
Samir Nissan
Paule Pobloske


Internal Control, Control Objectives, Control Procedures, Income Producing Real Estate


The current paper focuses on internal controls in the income producing real estate industry. The industry is unique in that most revenue is generated from contractual lease agreements. Since the revenue cycle is a principal area of waste, fraud and abuse, revenue-related internal controls are critical. An industry-specific list of controls is presented and can be used by accounting professionals and managers of income producing real estate firms to benchmark the appropriateness and sufficiency of their own internal controls. The paper can also be used in training settings to demonstrate the manner in which internal controls are often industry-specific.


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