Macy's Unravels $154 Million Expense Cover-Up by Rogue Employee
Macy's has delayed its quarterly earnings release after discovering an employee intentionally made accounting errors totaling $132 million to $154 million over three years. Experts suggest this indicates a failure of internal controls, as such errors should have been detected earlier. The company has fired the responsible employee and launched an investigation. The incident raises questions about Macy's internal accounting practices and the effectiveness of its auditor, KPMG, in identifying such issues. The situation highlights the importance of robust internal controls and transparency in financial reporting.
