Accounting Error

Inaccurate measurement or representation of an accounting-related item not caused by intentional Fraud. An error may be due to Negligence or may result from the misapplication of Generally Accepted Accounting Principles (GAAP). Errors may take the form of dollar discrepancies or may be compliance errors in employing accounting policies and procedures.

Inaccurate measurement or representation of an accounting-related item not caused by intentional Fraud. An error may be due to Negligence or may result from the misapplication of Generally Accepted Accounting Principles (GAAP). Errors may take the form of dollar discrepancies or may be compliance errors in employing accounting policies and procedures. Errors can be minimized by diligently following accounting procedures and standards, and maintaining proper Internal Control.