Financial Discrepancies refer to the difference between two or more financial records for the same period of time. This type of discrepancy is most commonly found in financial statements such as balance sheets and income statements. They can be caused by errors, miscalculations, or fraud. It is essential that these discrepancies are identified and resolved quickly in order to protect the interests of a business and its shareholders. By properly managing these discrepancies, businesses can ensure accuracy in their financial reporting and keep stakeholders informed on the financial health of their organization.