Which action is taken when discrepancies are found during reconciliation?

When discrepancies are identified during reconciliation, the appropriate action is to make corrections to financial statements as needed. This process ensures that the financial records accurately reflect the actual transactions that have occurred. Discrepancies can arise from various reasons, such as data entry errors, timing differences in recording transactions, or differences between internal records and external statements, such as bank statements.

Addressing these discrepancies is crucial for several reasons: it maintains the integrity of financial reporting, allows for better decision-making based on accurate data, and ensures compliance with accounting standards and regulations. By adjusting the financial statements accordingly, the organization can maintain an accurate financial position and avoid potential issues during audits or financial assessments.

Other actions, such as ignoring the discrepancies, would compromise the accuracy and reliability of the financial data. Filing a complaint with the bank or changing accounting software may be necessary in certain circumstances, but they do not address the immediate need to correct inaccuracies in the financial documentation. Therefore, correcting financial statements is the most appropriate and responsible course of action when discrepancies are discovered.