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how would management know if the calculations were entered incorrectly in any kind of reporting?

how would management know if the calculations were entered incorrectly in any kind of reporting?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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 how would management know if the calculations were entered incorrectly in any kind of reporting?

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Step 1: Introduction:

Accounting errors are inadvertent errors in accounting entries. When an error or mistake is detected, it is usually fixed immediately. If no quick remedy is found, an inquiry into the error is launched. Accounting mistake should not be confused with fraud, which is the purposeful concealment or alteration of records for the advantage of the company. Although there are many different sorts of errors, the most prevalent accounting errors are either clerical errors or accounting principle errors.

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