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.

Answer rating: 100% (QA)

As per US GAAP 3 sorts of blunders that happen in fiscal summaries are 1Error of commision 2Error of ... View the full answer