Monte Carlo simulations are used to explain and quantify the errors in inherent optical properties (IOPs) (absorption and attenuation coefficients) measured using the WET Labs AC-9 submarine spectrophotometer, and to assess correction algorithms. Simulated samples with a wide range of IOPs encountered in natural waters are examined. The relative errors on the measured absorption coefficient are in general lower than 25%, but reach up to 100% in highly scattering waters. Relative errors on attenuation and scattering coefficients are more stable, with an underestimation mainly driven by the volume scattering function. The errors in attenuation and scattering spectral shapes are small.