There is no distinction made by auditing standards between an auditor's responsibility for searching for errors and his responsibility for searching for fraud.

Question

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Auditing standards do not distinguish between an auditor's responsibility for searching for errors and his responsibility for searching for fraud. Both errors and fraud can result in material misstatements of the financial statements, and the auditor is responsible for detecting both types of misstatements.

There Is No Distinction Made by Auditing Standards Between an Auditor's