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Required information Errors vs. Fraud in Property, Plant, and Equipment Read the overview below and complete the activities that follow. Misstatements can be of two types. The first type, an error, is deemed to be unintentional. The second type, fraud, is deemed to be an intentional act. CONCEPT REVIEW: Auditors have the responsibility to plan and perform an audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. Misstatement is classified as either unintentional (error) or intentional (fraud). There are specific examples of these within the audits of property, plant, and equipment. 1. It is important for the auditor to verify that the controls described by the employees during the auditor's survey of controls over property, plant, and equipment have actually bean 2. Auditors must confirm that the of Property, Plant, and Equipment agree with the ganeral ledger. risks related to the 3. After obtaining an understanding of the client and its environment, auditors must identify the aooounts. 4. Which of the following would the auditor NOT be testing for by axamining laase agreements? 5. Auditors test effectiveness of controls to ensure they can justify their planned levels of risk