The Macy's accounting disaster: CIOs, this could happen to you.

The article discusses Macy's accounting disaster, where $151 million was hidden due to software weaknesses in their accounting controls. The company admitted to a material weakness in their internal control over financial reporting, caused by a single employee making erroneous accounting entries. Experts highlighted the lack of safeguards in enterprise accounting systems, emphasizing the need for stronger controls and human oversight to prevent fraud and errors. The article warns CIOs and businesses against relying solely on software controls, advocating for robust accounting tactics and tools to minimize exposure to similar issues. [Extracted from the article]