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Types of error in auditing

Types of error in auditing

Types of error in auditing as per nature:

  • Self revealing errors:- These types of error in auditing appear during the preparation of accounts.For example, if a cheque deposited is not shown.It becomes apparent during BRS.
  • Non self revealing errors:- These types of error in auditing do not appear themselves during preparation of accounts.These can be known only by detailed analysis.For example, capital expenditure shown as revenue expenditure.
  • Unintentional errors:- These types of error in auditing are not deliberate mistakes.It may be due to ignorance or oversight of facts.For example, if petty cashier forgets to record freight in petty cash book.
  • Intentional errors:- These types of error in auditing are deliberate mistakes.
  • Unconcealed errors:-Same as unintentional errors.
  • Concealed errors:- Whereby the person commiting the error is making ways to hide it.These can be ascertained only by detailed checking.
  • Errors affecting trial balance.
  • Types of error in auditing not affecting trial balance.

Types of error in auditing according to accounting aspects:

  • Error of principal:- It refers recording an entry in an incorrect manner.For example, Capital expenditure charged to revenue.They do not have any effect on the trial balance but they may affect profit.
  • Compensating errors:- They are nullified by the impact of another error.They do not have any effect on trial balance but they may affect profits.
  • Error of omission:- It is an incorrect recording of a transaction.They may or may not affect profits,same is in the case of the trial balance.They may be of different types such as posting error,casting error,duplication error,carry forward error.

Conditions which increase the risk of material misstatements in financial statements:

  • Weakness in internal control system.
  • Doubt about competence and integrity of management.
  • Unusual pressure within entity.For example, entity facing problems in getting finance.
  • Unusual transaction.For example, transaction with related parties.
  • Problems in obtaining sufficient and appropriate audit evidence.





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