37. FRAUD :-
Fraud is intentional misrepresentation of financial information by one or more individuals among management, employees and third parties and which results in misstatement of financial information and may involve :manipulation, falsification, or alteration of records and documents.
Suppression or omission of the effects of transactions from records and documents Misappropriation of assets. Recording of transactions without substance Misapplication of accounting policies.
ERROR:-
Error is un intentional mistake in financial statements and may involve: mathematical or clerical mistake sin accounting records oversight or misrepresentation of facts misapplication of accounting policies