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CHAPTER 18 AUDITING INVESTMENTS AND CASH BALANCES Spring 2007 - page 26 / 26

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Lapping to misappropriate cash receipts

Tests to detect lapping are only performed when control risk for cash receipts transactions is moderate or high.  There are 3 procedures that should detect lapping:

1. confirm accounts receivable,

2. make a surprise cash count, and

3. compare details of cash receipts journal entries with the details of corresponding daily deposit slips

Cash Balances: Fraud consideration

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