Auditing: A Risk Based-Approach to Conducting a Quality Audit
Auditing: A Risk Based-Approach to Conducting a Quality Audit
10th Edition
ISBN: 9781305080577
Author: Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher: South-Western College Pub
bartleby

Concept explainers

Question
Book Icon
Chapter 2, Problem 13MCQ
To determine

Introduction:Fraud refers to an intended attempt to misrepresent financial statement of an entity in order to attain some personal gain or advantage; whereas, the error is an unintended mistake which occurred unknowingly, which results in financial statements to be materially misstated.

To identify: The option that states the primary difference between fraud and error in financial statement reporting.

Blurred answer
Students have asked these similar questions
What is the primary difference between fraud and errors in financial statement reporting?
What is the primary difference between fraud and error in financial reporting
What is the primary difference between fraud and error infinancial statement reporting?a. The materiality of the misstatement.b. The intent to deceive.c. The level of management involved.d. The type of transaction effected.
Knowledge Booster
Background pattern image
Accounting
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
SEE MORE QUESTIONS
Recommended textbooks for you
Text book image
Auditing: A Risk Based-Approach (MindTap Course L...
Accounting
ISBN:9781337619455
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Cengage Learning
Text book image
Auditing: A Risk Based-Approach to Conducting a Q...
Accounting
ISBN:9781305080577
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:South-Western College Pub