Assume the client received a shipment of inventory late on December $31$ after the physical

inventory count was completed. Because the inventory was not recorded at year$-$end, the

client also did not record the related liability until January. How might the auditor detect

this misstatement? Assume the purchase was for inventory with a cost of $$40,000.$ What is

the effect on accounts payable and net income in the year under audit due to the failure

to record this transaction?