Accounting Error

Accounting Error

Any mistake on a financial statement or other accounting measurement. An accounting error is not the result of fraud or ill intent, but rather is simply an inaccuracy. An accounting error may (or may not) be the result of negligence and, for that reason, may expose the accountant to a lawsuit.
References in periodicals archive ?
The cuts follow a major $92 million accounting error revealed earlier this week.
It is unclear when Mobily, Saudi Arabia's second-biggest telecoms operator, will return to profit following an accounting error that was reported last year, according to Mobily chairman Suliman bin Abdulrahman al-Gwaiz.
Unrelated to the internal review, the revised financial statements also corrected for an accounting error, primarily for understated interest income, related to a sales-type lease transaction within the Electronic Systems segment and previously identified immaterial errors already recognized in the financial statements but not recorded in the appropriate periods.
It said, however, that no individual appears to have gained financially from the accounting error, which has led to the suspension of eight senior executives.
Mohamed Al-Khouli, member of the Shura Council's Economic Committee, demanded that those responsible for a recent accounting error made with regards to Egypt's public budget be held responsible
Excellus agreed to conduct outreach and ensure that all members who overpaid providers because of Excellus's accounting error receive restitution, and to audit and monitor its claims processing procedures to ensure these problems do not recur, under the agreement, the AG's office stated.
We're told the special audit is examining what caused the material accounting error and to look for any other surprises.
While this problem is deeply rooted in the inadequacy of school funding that has plagued our district for decades, its recent acute manifestation is the result of an accounting error that should have been avoided.
The court acknowledged that when a taxpayer deviates from a previously established accounting method, and the deviation does not have the time to become a method on its own, there exists the possibility of an accounting error.
has determined that the cumulative impact of an accounting error involving discount obligations due to members of its buyer's club programs since 1998 is a $2.
Credit Suisse has been forced to restate its earnings for 2003 after an embarrassing accounting error, which the bank dismissed as a one-off.
8 million accounting error led to the outsourcing of about 650 Jobs in the Defense Finance and Accounting Service, the Defense Department's Inspector General said.