FRAUD
AND ERROR
Fraud comprises both the use of
deception to obtain an unjust or illegal financial advantage and intentional
mis-representations affecting the financial statements by one or more
individuals among management, employees or third parties.
Fraud
is also an intentional act by one or more individuals among management, those
charged with governance, employees or third parties, involving the use of
deception to obtain an unjust or illegal advantage.
Fraud
risk
factors are events or conditions that indicate an incentive or pressure to
commit fraud or provide an opportunity to commit fraud.
Error
would be
unintentional mistakes in financial statements (including the omission of an
amount or disclosure).
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