Auditing experts indicated that the significant error of up to $154 million in Macy's records reveals a serious failure in the internal accounting controls, which failed to identify the issue promptly.
Jerry Maginnis, a former KPMG partner, emphasized that even intentional errors should have been detected by a robust internal control system, highlighting a fundamental breakdown in Macy's accounting practices.
Following the discovery of substantial accounting errors, Macy's announced a delay in its quarterly earnings release, indicating the need for a thorough investigation into their accounting mechanisms.
Macy's reported spending $4.36 billion on small package delivery expenses over three years, with the identified accounting error representing less than 5% of that total.
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