1CExplain what lapping means, and discuss the internal control deficiency that allows it to occur. Alsodiscuss the procedures the auditor can perform to detect lapping.

Lapping: It is a type of cash embezzlement or fraud perpetrated by a firm employee. When cash is…

Answered: Explain what lapping means, and discuss…

Explain what lapping means, and discuss the internal control deficiency that allows it discuss the procedures the auditor can perform to detect lapping.

Auditing: A Risk Based-Approach to Conducting a Quality Audit

10th Edition

ISBN:9781305080577

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter10: Auditing Cash And Marketable Securities

Section: Chapter Questions

Problem 53RSCQ

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Explain what lapping means, and discuss the internal control deficiency that allows it to occur. Also
discuss the procedures the auditor can perform to detect lapping.

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