Distinguish between lapping and kiting. Describe audit procedures that can be used to uncover each.

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Auditing and Assurance services an integrated approach

ISBN: 978-0132575959

14th Edition

Authors: Alvin a. arens, Randal j. elder, Mark s. Beasley

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Question Posted: Oct 10, 2012 08:03 AM

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Distinguish between lapping and kiting. Describe audit procedures that can be used to uncover each.

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Lapping is a defalcation in which a cash shortage is concealed by delaying the crediting of cash receipts to the proper accounts receivable The first step in the fraud is to withhold cash remitted by ...View the full answer

Auditing and Assurance services an integrated approach

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