Macy’s found a single employee hid up to $154 million worth of expenses

[Hitman]

Macy’s announced Monday that a single employee was responsible for so many accounting irregularities that the company was forced to delay its quarterly earnings report, which the retailer had planned to release Tuesday.

The company recently discovered that the unnamed employee intentionally hid as much as $154 million in expenses over the course of nearly three years, prompting the retailer to conduct an independent forensic accounting investigation. The employee, whom Macy’s said is no longer with the company, “intentionally made erroneous accounting accrual entries” to hide small package delivery expenses.

Macy’s did not say why the employee hid the expenses.

Could it be, the employee trying to hide shopping expenses of the CEO and other Executives? 

 

 

[Sucker]

@r2d2 spotted 

[Konebhar6]

42 minutes ago, Hitman said:

Macy’s announced Monday that a single employee was responsible for so many accounting irregularities that the company was forced to delay its quarterly earnings report, which the retailer had planned to release Tuesday.

The company recently discovered that the unnamed employee intentionally hid as much as $154 million in expenses over the course of nearly three years, prompting the retailer to conduct an independent forensic accounting investigation. The employee, whom Macy’s said is no longer with the company, “intentionally made erroneous accounting accrual entries” to hide small package delivery expenses.

Macy’s did not say why the employee hid the expenses.

Could it be, the employee trying to hide shopping expenses of the CEO and other Executives? 

 

 

Nice try .. Company still has to be responsible and accountable .. So many controls and they could not catch this .. Fire their whole Finance team .. Its another failure that Macy's has .. 

[r2d2]

1 hour ago, Hitman said:

Could it be, the employee trying to hide shopping expenses of the CEO and other Executives? 

shipping/shopping… typo anta..

[shaktimaan]

1 hour ago, Konebhar6 said:

Nice try .. Company still has to be responsible and accountable .. So many controls and they could not catch this .. Fire their whole Finance team .. Its another failure that Macy's has .. 

do you know about Jaguars employee betting scandal

[fasak_vachadu]

2 minutes ago, shaktimaan said:

do you know about Jaguars employee betting scandal I 

[Konebhar6]

21 minutes ago, shaktimaan said:

do you know about Jaguars employee betting scandal

No...But just googled .. I thought Jaguar Car ... 

No wonder its a shitty franchise that cannot get proper coaches and a winning mentality. OWner seems to be spending money but no results ... How can an Organization not know an employee misusing $22M that he used for gambling ... Damn ... 

[karuvu]

So vadi net worth ippudu $154 million ah??

[Sunkool]

@karuvu No, he dint report company expenses nothing went to his pocket

[jpismahatma]

When kohls rewards issue happened. It was desi Java developer. Who did it 

[chammakchandra]

8 hours ago, Konebhar6 said:

No...But just googled .. I thought Jaguar Car ... 

No wonder it’s a shitty franchise that cannot get proper coaches and a winning mentality. OWner seems to be spending money but no results ... How can an Organization not know an employee misusing $22M that he used for gambling ... Damn ... 

its bcuz jags owned by Paki 

[Konebhar6]

3 hours ago, chammakchandra said:

its bcuz jags owned by Paki 

Yeh some shad khan. Billionaire

[karuvu]

8 hours ago, Sunkool said:

@karuvu No, he dint report company expenses nothing went to his pocket

How that benefitted him then