Macy's tightens financial controls after $151 million accounting error

NEW YORK CITY, New York: Macy's has tightened its financial oversight after uncovering a US$151 million accounting error concealed by an employee over nearly three years.

The probe into the issue delayed the release of its third-quarter earnings report last month.

The error involved delivery expenses for small parcels, which the employee initially miscalculated and later covered up with intentional inacc