client received a shipment of inventory late on December 31 after the physical inv ount was completed. Because the inventory was not recorded at year-end, also did not record the related liability until January. How might the auditor the client detect this What is the it due to the failure to effect record this transaction? tatement? Assume the purchase was for inventory with a cost of $40,000 t on accounts payable and net income in the year under aud