Macy's Thanksgiving Accounting Mystery
The Accounting Podcast
Exploring Financial Fraud and Efficient Document Management
This chapter explores a gripping narrative centered on expense tracking and fraud within a major retail company, discussing the challenges of financial oversight. It also smoothly integrates sponsorship content for a document management system tailored for accounting professionals, highlighting its benefits.
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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