A Practical and Effective Audit Procedure for the Detection of Lapping

question 2

Multiple Choice

A practical and effective audit procedure for the detection of lapping is:

• A)Preparing an interbank transfer schedule.
• B)Comparing recorded cash receipts in detail against items making up the bank deposit as shown on duplicate deposit slips validated by the bank.
• C)Tracing recorded cash receipts to postings in customers' ledger cards.
• D)Preparing a proof of cash.

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Definitions:

Informative Briefings

Presentations or documents designed to provide essential information or updates in a concise and clear manner.

Chronological

Organizing events or actions in the order that they occurred in time.

Exclude Alternatives

The process of eliminating various options to narrow down the choices to the most viable ones.

Divided Presentation

A presentation style where the information is segmented or split into distinct parts for clarity and easier comprehension.