Everyone with a platform, a voice, and an opinion has commented on the dilemma that Macy’s faced. Whether through their own platform or by simply commenting on a post or news publication, many have something to say.
LogicManager, a risk management software company claims that the issue was systemic and resulted from complacency and larger issues within Macy’s Separation of Duty principles. They even go as far as to claim “The Macy’s accounting scandal was not just a lapse in judgment; it was a systemic failure. It revealed cracks in the company’s internal control framework, exposed weaknesses in its governance culture, and ultimately reminded the business world that risk management is not optional”. Of course, LogicManager is a slightly biased source as they want to push their product on anyone and everyone they can, however it is hard not to see the truth behind their claims.
Reddit may not be a very trustworthy source of information, however it is very beneficial when trying to understand what the general public may believe. One user quotes Blake and David’s accounting podcast on which these podcasters seemed to have discussed the fraud at length. This post started a massive conversation within the accounting subreddit. Many of these users believe that there is more to the story, claiming it is easy to throw a junior or low level employee “under the bus”. Most believe there is more than what meets the eye and than what is being reported by Macy’s.
Most trustworthy is the WallStreetJournal who published an article on the backlash Macy’s received for revising their financial statements, however not withdrawing their past statements. This can clearly lead to confusion and a number of professionals are claiming that Macy’s public statements could be subject to fine and are completely misleading.
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