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Business Studies

Dematerialisation and Depository

What are the ...

Question

What are the different types of errors and frauds?

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Solution

The different types of errors are :

Errors of duplication

Errors of commission

Compensating errors

Errors of omission

The different types of frauds are:

Window dressing

Misappropriation of cash

Manipulating or falsifying account

Misappropriation of goods

Also see:

Difference Between Error of Omission and Error of Commission

Errors of Omission

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Q. Objectives of management audit are:
1. To detect errors and frauds.
2. To report whether Balance Sheet and Profit and Loss Account present true and fair view of the business.
3. To ensure optimum utilization of human resources.
4. To suggest improved methods of managerial operations.
5. To point out weak spots in the organization structure.

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