Known Error

What is a Known Error?

In accounting, a 'Known Error' refers to a documented issue that arises during the accounting or auditing process for which the root cause has been identified, and an official fix or solution exists. This term is often used in the context of error management to improve the accuracy and reliability of financial records.

Short Description: A problem that has been identified and documented with a known cause and solution in the field of accounting error management.

• Identification: The error has been discovered and diagnosed correctly.
• Documentation: The details, including the cause and solution, are recorded for future reference.
• Resolution: A predefined solution is available, making it easier to rectify the error when it occurs.

Addressing known errors effectively helps organizations maintain the accuracy of their financial information and streamline the auditing process by mitigating recurring issues efficiently.