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Auditing experts told BI the available evidence suggests a failure of internal accounting controls. Following the news that Macy's discovered a sizable error in its financial records, auditing experts told Business Insider that the company must now explain how its controls broke down. Without more details, the accounting experts who spoke to BI said it is hard to understand exactly what happened. AdvertisementThe pressure will now be on Macy's auditor, KPMG, to show that it is appropriately scrutinizing Macy's accounting practices and controls, McKenna said. "I wouldn't be surprised if you'll see a material weakness in internal controls because something is not working here," McKenna said.
Persons: Macy's, Jerry Maginnis, Maginnis, Michelle Leder, Francine McKenna, McKenna Organizations: Rowan University, KPMG, BI, Sarbanes, Oxley
LONDON, June 19 (Reuters) - Even the clergy are not immune from Britain's cost-of-living crisis, which has now forced Church of England vicars to make a formal pay claim for the first time in their nearly 500-year history. A Church of England spokesperson said it was aware that its clergy were dealing with a cost-of-living crisis. The Church last year set aside 3 million pounds for dioceses to make grants to help clergy struggling with the rising energy bills. Unite proposed the clergy's national minimum stipend rise to 29,340 pounds ($37,600) and the national stipend benchmark be increased to 31,335 pounds, it said. "Last year many clergy had to turn to charitable aid because they couldn't make ends meet," said Sam Maginnis, a member of the clergy and Unite.
Persons: Sharon Graham, Sam Maginnis, Sachin Ravikumar, Angus MacSwan Organizations: of, of England, Archbishop's Council, Thomson Locations: of England
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