The Macy's Accounting Disaster: CIOs, This Could Happen To You.
ComputerWorld, Friday, December 13th, 2024
When Macy's on Wednesday reported more details about the 'hiding' of $151 million, it became clear their accounting controls simply didn't work. It exposed a massive software hole in just about every enterprise environment.
The Macy's accounting nightmare is only getting worse, with the $24 billion retailer telling the SEC on Wednesday that both its annual report from last year and its auditor report 'should no longer be relied on.'
Although the amount 'hidden' was only $151 million - at the high end of Macy's original estimate of '$132 million to $154 million' - the retailer said it exposed a massive weakness in its checks and balances procedures.