About this episode
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. Sponsors Zoho - http://accountingpodcast.promo/zoho Suralink - http://accountingpodcast.promo/suralink Cloud Accountant Staffing - http://accountingpodcast.promo/cas 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 https://www.cfodive.com/news/macys-says-accountant-hid-as-much-as-154m-in-expenses-retail-retailing-consumers/733960/ 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 https://abcdpf.livemint.com/industry/strippers-christmas-gifts-and-an-rv-workers-push-it-with-company-cards-11732157906943.html 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 https://www.msnbc.com/opinion/msnbc-opinion/trump-truth-social-tariffs-deportation-thanksgiving-rcna182079 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 Need CPE? Get CPE for listening to podcasts with Earmark: https://earmarkcpe.com Subscribe to the Earmark Podcast: https://podcast.earmarkcpe.com Get in Touch Thanks for listening and the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary . Find us on Facebook and Instagram . If you like what you hear, please do us a favor and write a review on Apple Podcasts or Podchaser . Call us and leave a voicemail; maybe we'll play it on the show. DIAL (202) 695-1040. Sponsorships Are you interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus . Need Accounting Conference Info? Check out our new website - accountingconferences.com Limited edition shirts, stickers, and other necessities TeePublic Store: http://cloudacctpod.link/merch Subscribe Apple Podcasts: http://cloudacctpod.link/ApplePodcasts YouTube: https://www.youtube.com/@TheAccountingPodcast Spotify: http://cloudacctpod.link/Spotify Podchaser: http://cloudacctpod.link/podchaser Stitcher: http://cloudacctpod.link/Stitcher Overcast: http://cloudacctpod.link/Overcast Classifieds Forwardly - https://www.forwardly.com/ Client Hub - https://clienthub.app/ Want to get the word out about your newsletter, webinar, party, Facebook group, podcast, e-book, job posting, or that fancy Excel macro you just created? Let the listeners of The Accounting Podcast know by running a classified ad. Go here to create your classified ad: https://cloudacctpod.link/RunClassifiedAd Transcripts The full transcript for this episode is available by clicking on the Transcript tab at the top of this page