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The key distinguishing factor between fraud and error is whether the underlying action that results in a misstatement of the financial statements is intentional or unintentional. The auditor is concerned with fraud that causes a material misstatement in the financial statements..ISA 240 defines fraud as an intentional act by one or more individuals among management,those charged with governance, employees or third parties, involving the use of deception to obtain an unjust or illegal advantages. The two types of fraud most relevant to the auditor , according to ISA240 are misstatements arising from fraudulent financial reporting and misstatements arising from misappropriation of assets. The term error refers to an unintentional misstatement in financial statements, including the omissions of an amount or a disclosure.ISA240(redrafted)
