While Macy's says a single employee was responsible for the error, accounting and auditing experts told BI it should have been caught much earlier.

Macy's said it would delay the release of its third-quarter earnings after an investigation revealed an employee hid over $100 million of expenses. An employee responsible for small package delivery expense accounting intentionally made erroneous accounting accrual entries to hide about $132 million to $154 million of cumulative delivery expenses,

CNN’s Vanessa Yurkevich reports on Macy’s announcing that a single employee was responsible for so many accounting irregularities that the company was forced to delay its quarterly earnings report.