To address a formula error in an automated MIS report, I would first review the specific data range or cell where the error is occurring. I would use the auditing tools available in Google Sheets, such as the formula auditing feature, to trace the formula and identify the source of the error. If the error is due to incorrect cell references or a misapplied function, I would correct these immediately. Additionally, I would check for any recent changes in the data source that might have affected the formula. After making the necessary corrections, I would run a few test cases to ensure the formula now produces accurate results. Finally, I would document the issue and the solution for future reference, and communicate with the relevant team members to prevent similar issues from occurring again.