In class, we have thoroughly covered the fraudulent acts known as (1) lapping and (Q2) kiting Required: Explain lapping. Explain kiting. What steps should be taken to prevent each one. What steps should the independent auditor take to detect each one of them if they are present? a. b. c. d. Correct answers without detailed explanation will be marked O. 10 Listed below are four interbank cash transfers, indicated by the letters a, b, c and d, of a client for late December 20X1, and early January 20X2. Bank Account Two Receiving Date Month Day) Bank Account One Disbursing Date Month Day Per Books 12/30 12/31 1/02 1/02 Per Bank 1/02 1/04 1/03 1/02 Per Books 12/30 12/31 12/31 1/02 Per Bank 12/31 1/02 1/02 12/31 For each of transfers a through d indicate whether cash is understated, unaffected, or overstated by the transfer and provide a brief example of what could cause the situation in which cash is either understated or overstated. Correct answers without detailed explanation will be marked 0