In this lesson, the focus is on understanding the importance of detecting and preventing fraud in financial statements during an audit. As a CPA, you must remain vigilant and maintain a strong sense of professional skepticism throughout an audit. The lesson emphasizes the auditor's responsibility to plan and perform audits to obtain reasonable assurance that financial statements are free from material misstatement, whether caused by fraud or error. It also highlights the difference between fraud and error, discusses the deeper implications of fraud, and reiterates the constant need for audit evidence to back up all claims made by the client.