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

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 full answer

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