Errors in financial statements can lead to serious negative consequences affecting both internal and external aspects of the company’s activities. Mistakes not only provoke higher costs and financial losses, but can also undermine the trust of shareholders, partners and customers in business. In the long term, misrepresentation threatens the sustainability of the entire financial and economic system of the enterprise, which can negatively affect the interests of a wide range of stakeholders, including employees, suppliers and investors. It is important to analyze a range of factors, including human errors, insufficient elaboration of accounting policies, as well as the impact of external conditions, such as changes in the legislative framework or the economic environment. This study provides a basis for the development of practical recommendations aimed at reducing the likelihood of falsifications and improving the quality of the data presented. In addition, it is important to consider ways to identify and eliminate any errors. This may include the application of modern technologies such as accounting automation and the use of data analysis software. It is also worth paying attention to the importance of internal controls and regular audits, which can help detect and correct errors before they lead to serious consequences. The contribution is devoted to the study of topical issues of determining the most effective methods for detecting distortions in financial statements, taking into account the specifics of information formation and disclosure by Russian companies.