Question: Explain the difference between errors and fraud. Give an example of each. What is managements responsibility regarding fraud? What are the auditor responsibilities regarding fraud

Explain the difference between errors and fraud. Give an example of each.

What is managements responsibility regarding fraud?

What are the auditor responsibilities regarding fraud according to either the PCAOB or Sarbanes-Oxley Act?

Explain audit risk in your own words. Explain how control risk, detection risk, and inherent risk are interrelated.

What are the three factors that are generally present when fraud occurs? What is the required documentation for these risk factors?

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