PART B: The process of revenue and purchase cycle (9 marks) In the audit of the acquisition and payment cycle, the main goal is to make sure that the goods and services acquired, along with any cash disbursement by ABC company, are presented fairly and comply with GAAP. In order to determine this, you must test the controls that are in place. These tests that will be administered to ABC company incorporate the business functions in a single cycle. Discuss the business functions that comprise the acquisition and payment cycle. (3 marks) b. During the audit, you detect a lapping of accounts receivable. Explain what lapping means, indicate the internal control deficiency that allows it to occur, and the procedures performed to detect lapping. (3 marks) During auditing sales transaction, you have discovered the following misstatements: Sales included in the journals for which there was no shipment; Sale recorded more than once; Shipments made to nonexistent customers and recorded as sales. to detect each Provide one potential audit test used misstatement