The financial reporting process is the most important step in the accounting system. The reporting of any company is not insured against the presence of errors in it, which entail various risks to the business. Financial data play a key role in forecasting, budgeting and developing key performance indicators. The relevance of the problem of the quality of financial reporting was largely felt by Russian companies placing their securities on international stock markets. With increased information flows, business development, automation of production processes, new technologies are introduced to identify errors in the reporting data. The authors used publications on the study problem. This article explains the possible types of reporting errors that occur and their impact on the company. The objectives of the study are achieved by clarifying the classification of detected errors in financial statements.