BE AWARE OF THE DIFFERENCE FRAUD OR ERROR
FRAUD IS - INTENTIONAL • An intentional act that results in a misstatement in financial statements. o Sources: http://www.aicpa.org
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(Continued) FRAUD OR ERROR
ERRORS ARE - UNINTENTIONAL • Mistakes in the financial statements, including arithmetical or clerical mistakes, and mistakes in the application of accounting principles, including inadequate disclosures. o Sources: http://www.aicpa.org
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