1)The purpose of the fraud triangle is to identify:

The causes of when the audit opinion should be qualified.

The causes of and reasons for fraud when there may be intentional misstatements or omissions of amounts or disclosures in the financial statements.

The causes of illegal acts.

The causes of when there is a lack of independence in performing an audit.

2)The difference between errors in the financial statements as compared to fraud is:

An error always leads to a qualification of the auditors' opinion

An error is always an intentional act designed to deceive another party

Fraudulent financial reporting is always material in amount

Fraud is always an intentional act designed to deceive another party