Most errors are discovered automatically through proper use of the double-entry system or by the internal or external auditors.However, some errors escape detection until after they have been included in the published financial statements of a company.
Required:
Describe three types of errors that occur in financial statements and indicate the appropriate corrective action to take when the errors are discovered.

Question

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The Answer of Most errors are discovered automatically through proper use of the double-entry system or by the internal or external auditors.However, some errors escape detection until after they have been included in the published financial statements of a company.
Required:
Describe three types of errors that occur in financial statements and indicate the appropriate corrective action to take when the errors are discovered.

Most Errors Are Discovered Automatically Through Proper Use of the Double-Entry