Macy's lost track of $154m in expenses because of poor metrics
Briefly

from FlowingData2 months ago
Macy's Inc. has faced scrutiny over an internal investigation revealing a multimillion-dollar plot by a former employee to manipulate delivery expense metrics.
FlowingDatahttps://flowingdata.com/2024/12/04/macys-lost-track-of-154m-in-expenses-because-of-poor-metrics/
The company disclosed that a single former employee manipulated $154 million of delivery expenses, raising questions about internal controls and oversight.
FlowingDatahttps://flowingdata.com/2024/12/04/macys-lost-track-of-154m-in-expenses-because-of-poor-metrics/
While the hidden expenses represent a small fraction of the total $4.36 billion in delivery costs, the revelation shocked investors who trusted Macy's financial reporting.
FlowingDatahttps://flowingdata.com/2024/12/04/macys-lost-track-of-154m-in-expenses-because-of-poor-metrics/
The incident illustrates potential vulnerabilities in large corporations and raises concerns about whether other undiscovered discrepancies exist in financial reporting.
FlowingDatahttps://flowingdata.com/2024/12/04/macys-lost-track-of-154m-in-expenses-because-of-poor-metrics/
Read at FlowingData
#accounting #corporate-governance #employee-misconduct #financial-reporting #investigation
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