Required information Errors versus Fraud Read the overview below and complete the activities that follow. Misstatements can be of two types. The first--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. Misstatements are classified as either unintentional (error) or intentional (fraud). error) or intentional (fraud)- 1. Omissions of amounts or disclosures is considered a(n) 2. In 3.is another term for misappropriation of assets. 4. Mistakes in data processing can easily result in 5 Financial statements can be misstated due to errors,, or noncompliance the financial statements are intentionally misleading. with laws or regulations