Staff Auditor Mock Interview

Practice 25 Staff Auditor interview questions covering risk assessment, compliance testing, and audit methodology.

Question 18 of 25

What is the difference between fraud and error?

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Ryan Brown created and launched MockQuestions in 2008.

This is a technical topic covered in the auditing standards under AU-C Section 240. The key difference between fraud and error is that the former is intentional and the latter is unintentional. There are two main types of fraud that an auditor should be concerned with: fraudulent reporting and misappropriation of assets (ie theft)

Ryan Brown

Ryan Brown created and launched MockQuestions in 2008.

"The main difference between fraud and error is that fraud is intentional and errors are unintentional. As auditors, we are primarily concerned with financial misstatements that are caused by fraudulent financial reporting and misstatements that are caused by theft and other misappropriation of assets."

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