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Reversing entry means wrong entry
Adjusting entry means some error in previous entry or entries.
A reversing entry simply REMOVES a previous transaction whereas an adjusting entry CHANGES a previous transaction. I would say yes, they are required, especially in cases where errors have been made. The reversing entry then provides the audit trail.
Generally, adjusting entries are required every accounting period so that a company's financial statements reflect the accrual method of accounting. ... Adjusting entries are necessary to: accrue expenses and losses and the related liabilities.
Adjusting entries are recorded at the end of year to record the correct amount of revenue & expenses. These adjusting entries are necessary for compliance with the matching principle while Reversing entries are optional. They are made at the start of the year to cancel the effect of adjusting entries.
Reversing entry is optional while adjusting entries is needed in accounting cycle.
