Therefore, the auditor seeks sufficient and appropriate proof in his audit that fraud and error, that can be
significant in financial reports, have not been committed, or if they have the results of fraud are accordingly
reflected in the financial reports and the error corrected. The possibility to discover error is usually greater than that
of ascertaining fraud because the latter is generally accompanied by actions meant to cover its occurrence. Due to
the inherent limits of an audit, there is an unavoidable risk that significant misrepresentations in financial reports,
occurred as a result of fraud, will remain undiscovered. However, in accordance with the National Standard on