Americanas accounting fraud was $1B bigger than suspected accountingtoday.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from accountingtoday.com Daily Mail and Mail on Sunday newspapers.
Management at the Brazilian retailer told auditor PwC and its audit committee there were no supply-chain financing ops, but gave securities regulators conflicting information.
Americanas sought bankruptcy protection after its shares tumbled 77% in one day and dollar bonds sank to 15 cents on the dollar following the reporting of the massive accounting hole.
The $4 billion accounting shortfall would typically raise alarm bells for an auditor. Somehow, a PricewaterhouseCoopers LLP affiliate didn't catch it at Americanas SA.
Fears grow Brazilian President Jair Bolsonaro about to unleash a military coup windsorstar.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from windsorstar.com Daily Mail and Mail on Sunday newspapers.