Macy's Thanksgiving Accounting Mystery
The Accounting Podcast
Improving Audits through Technology and Discussing Tariffs
This chapter addresses challenges in auditing practices, highlighting concerns over reviewers potentially missing critical entries due to heavy workloads. The discussion also shifts towards the impact of technology on improving audit quality and touches on current events regarding tariffs and their consequences.
Blake and David examine the mysteries and motives surrounding the recent Macy's accounting scandal, where a single employee allegedly concealed $132-154 million through improper accrual entries. They also examine Trump's proposed 25% tariff plan on imports from Mexico and Canada (plus an additional 10% on China), discussing its potential impact on American businesses and consumers.
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Chapters
- (00:46) - Macy's Accounting Error: Breaking News
- (01:40) - Understanding the Impact of Macy's Error
- (02:46) - The Mystery Behind Macy's Accounting Error
- (02:53) - Join the Live Discussion
- (03:42) - Upcoming Topics and Teasers
- (05:15) - Thanking Our Sponsors
- (06:42) - Diving Deeper into Macy's Accounting Mystery
- (19:29) - Exploring the Fraud Triangle
- (27:54) - Auditors and Materiality Standards
- (32:04) - Auditors' Role in Detecting Fraud
- (33:25) - Impact of Fraud on Macy's Stock
- (33:47) - Challenges in Auditing Practices
- (34:08) - Internal Controls and Their Limitations
- (38:53) - Expense Fraud: A Growing Concern
- (44:01) - AI in Auditing: The Future of Fraud Detection
- (52:28) - Trump Tariffs and Their Economic Impact
- (01:03:13) - Thanksgiving Reflections and Closing Remarks
Show Notes
Macy’s says employee hid up to $154 million in expenses, delaying Q3 earnings
https://apnews.com/article/macys-accounting-quarter-b1cb0927d9b6a58ee4396838df7973c9
Macy’s says accountant hid as much as $154M in expenses
UPS to Pay $45 Million SEC Penalty Over Improper Valuation
https://finance.yahoo.com/news/ups-hit-45-million-penalty-144424675.html
Strippers, Christmas gifts and an RV: Workers push it with company cards
Ex-Jaguars employee who stole $22 million from team files lawsuit against FanDuel
https://www.nytimes.com/athletic/5809925/2024/10/01/jaguars-lawsuit-fanduel-amit-patel/
Trump's Truth Social tariffs pledge is a teachable moment for America
What does Trump’s latest tariff plan mean for the U.S.?
https://www.pbs.org/newshour/politics/what-does-trumps-latest-tariff-plan-mean-for-the-u-s
Walmart CFO Says They Don't Want To Raise Prices, But 'Prices Will Go Up For Consumers' Due To Upcoming Tariffs
https://finance.yahoo.com/news/walmart-cfo-says-dont-want-161640110.html
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Transcripts
The full transcript for this episode is available by clicking on the Transcript tab at the top of this page
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