Define lapping

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Reference no: EM133004613

Although the primary objective of an independent audit is not the discovery of fraud, the auditors in their work on cash take into consideration the high relative risk associated with this asset. One evidence of this attitude is evidenced by the CPA's alertness for signs of lapping.

Required:

Problem 1: Define lapping.

Problem 2: Explain the audit procedures that CPAs might utilize to uncover lapping.

Reference no: EM133004613

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