What does the cryptic crossword clue "Key mistake, wiping report in panic (6,5)" mean?

The definition is "Key mistake,". The wordplay uses a homophone (sounds like). Homophone (“report”) of “wi-ping” in TERROR The answer is TYPINGERROR.

Key mistake, wiping report in panic (6,5)

Guardian Cryptic #29090 | 14 Across | 2023-06-07 flower