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Explain the two different type of fraud

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Question - In forming the auditor's opinion, the auditor is required to obtain reasonable assurance about whether the financial statements are free from material misstatement, whether due to fraud or error (ISA 200: Overall Objective of the Independent Auditor, and the Conduct of an Audit in Accordance with International Standards on Auditing).

Required -

(a) Explain THREE (3) reasons why an audit of financial statement could only provide reasonable assurance but not absolute assurance.

(b) Explain the TWO (2) different type of fraud and give relevant example for both.

Reference no: EM133116674

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