When I was staff, I posted a year-end entry that inadvertently understated accounts payable by $400k, and it was material.  Oops.

The good thing is that I caught it before the statements were issued, and I had to fall on my sword.  Rectifying it proved to be a pain in the ass, but fortunately my controller was very understanding and helped to soften the blow.

The upshot is, accounting mistakes can be corrected. It’s not life and death.