Auditing of company-error in accounting


Question:

You have completed the auditing of Company A and have found $10,000 purchase of a fixed asset was recorded as maintance expense. The company has $100,000 million in fixed assets, net income of 15 million and total assets of 500,000 million? What should the company do when they find out about this error in accounting?

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Accounting Basics: Auditing of company-error in accounting
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