You have realized that a report your team authored, and which is now sitting on the desk of the ceo, contains several significant errors. what is the most effective way to deal with this situation?

If the report is to be exploited urgently, the best way is not to delay taking it back from the CEO, following some guidelines though. If one of the team members has some special acquaintance with the CEO, delegate them to the boss. The delegate or representative of the team should just tell the boss the team wants to perfect the report and you believe the "amends" will make the document more effective. Let the boss know it won't take time to edit it, as s/he may get suspicious of the content and may want to look at it, creating a potential adverse effect.

In my opinion, the most effective way to deal with this situation is to d iscuss the errors directly with your teammates and then create a plan to fix the report.

You shouldn't let the CEO finish the work that you've mistakenly authorized, but rather try and fix the mistakes yourselves. This way, you are going to fix the report and be aware of your mistakes for future reference so that you don't repeat this ever again. You should definitely try to fix this, no matter how small the mistake may be.