The shifting of accounting entries for *cash receipts between *accounts receivable balances to hide stolen cash. Lapping is possible in cases where a *bookkeeper (i) handles cash receipts from customers and (ii) records cash receipts in accounts receivable balances. An appropriate *segregation of duties between these two functions can assist in preventing lapping. Eventually, lapping catches up with itself: unless stolen cash is replaced (or unless an alternative, fraudulent accounting entry is made), accounts receivable will ultimately be *overstated by the amount of cash stolen.

Auditor's dictionary. 2014.

Look at other dictionaries:

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  • Lapping — This interesting surname is derived from the old French lappin meaning rabbit , used either to describe a hunter of rabbits, or a nickname for a timorous person. The surname dates back to the early 14th Century (see below). Further recordings… …   Surnames reference

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  • lapping — adj. Lapping is used with these nouns: ↑wave …   Collocations dictionary

  • Lapping —    Of water like a dog, i.e., by putting the hand filled with water to the mouth. The dog drinks by shaping the end of his long thin tongue into the form of a spoon, thus rapidly lifting up water, which he throws into his mouth. The three hundred …   Easton's Bible Dictionary

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