Asset &2/&3 does not exist in company code &1

What causes this issue?

Single-object controlling: Asset &v2&/&v3& is the receiver of the
controlling object's settlement rule that is to be created. The
controlling object is the internal order that is to be created, or that
has already been created to which the account is directly assigned.
Controlling on the account assignment receiver: Asset &v2&/&v3& should
be the controlling object to which the account should be directly
assigned.
Asset &v2&/&v3& does not exist in the company code &v1& in ECC.

System Response

The system issues an error message and will not allow you to continue with this transaction until the error is resolved.

How to fix this error?

Create the asset &v2&/&v3& in ECC, or enter a different asset.

Procedure for System Administrators

Error message extract from SAP system. Copyright SAP SE.