The next time around, the child finds new ways to misrepresent the truth, and the parent is left in a quandary of suspicion and distrust. The problem is that punishment is not designed to teach and reinforce an alternate behaviour. Punishment without loving and careful instruction is a useless tool, and one that often leads to excessiveness and abuse. Punishing a lie when it is motivated by fear, modelling or overprediction tends to be ineffective in the long run. Seek the deeper motivation for the lie and work at the source rather than the symptom.
Parents are often surprised how soft messages excel in impact over hard messages.
Above all, recognize that the purpose and desire of every parent is to encourage honesty. That is a characteristic, not just a behaviour. Train up a child in the way he should go, Even when he is old he will not depart from it.