$151m of costs hidden at Macy's: one person, bypassed controls
For finance leads and SME owners who feel safe because the accounts team reconciles balances every month. Macy's told the SEC that one employee hid about $151m of delivery expenses over 12 quarters; this post reads the filings and builds a checklist for a small firm.
#macys#internal-control#management-override#accruals#fraud-risk
