Macys Scandal

Question 1

Which AICPA principle is violated when false financials are used to calculate bonuses

Accepted Answer

Integrity

Question 2

What would have been the best action for Macy's to take?

Accepted Answer

strengthen audit/internal controls

Question 3

How much was Macy's trying to recover in clawback bonuses?

Accepted Answer

$609,613

Question 4

What internal control failure was exposed in the Macy's scandal

Accepted Answer

Expense manipulation not being detected

Question 5

The employee at Macy's acted for personal financial gain

Accepted Answer

False

Question 6

What was one major real-world consequence for Macy's

Accepted Answer

drop in stock price

Question 7

What financial figure did the rogue Macy's employee conceal?

Accepted Answer

$154 million

Question 8

Macy's caught the issue before the bonuses were paid

Accepted Answer

False

Question 9

What year did Macy's initiate the executive bonus clawback?

Accepted Answer

2025

Question 10

How much of the bonus amount had Macy's recovered as of April 2025

Accepted Answer

$257,520

Questions 10