I suggest you read up on error correcting encoding.
Yes it is based on Reed-Solomon Interleave.
However, contrary to what Eldartford mentions, if the error correction fails (a really badly damaged CD) then most players will "interpolate" between data points. On a bad CD with "CD Rot" it can actually sound exactly like Vinyl surface noise (pops and clicks).
If error correction did not work to way more than 99.9999% accuracy then your PC that you are using to view this thread would crash constantly (perhaps it does and you need a new hard drive...).
Despite the fears propagated by analog users about CD accuracy, all the science suggests that CD discs and readers are generally orders of magnitude (10's and 100's of times) more accurate than any analog reproduction. Digital is the only way to preserve data such that it can be copied thousands and thousands of times without error - this is because errors do not accumulate as they do in any analog chain.
All this makes computing, satellites and other amazing things possible, stuff that purely Analog systems are incapable of.
Of course A to D and D to A conversion is a crucial step and it is fair for analog users to criticise the quality of this process, however, this step occurs after the data has been read, decoded and error corrected from the disc.