3.What is the primary difference between fraud and errors in financial statement reporting?

(4 marks)

b If one of the three elements of the fraud triangle is not present, can fraud still be perpetrated? Explain. (5 marks)

c You are asked to be interviewed by a student newspaper regarding the nature of accounting fraud. The reporter says, As I understand it, asset misappropriations are more likely to be found in small organizations, but not in larger organizations. On the other hand, fraudulent financial reporting is more likely to be found in larger organizations. How would you respond to the reporters observation? (6 marks)