• Register
Return to: Home > News > Big Four > Former partner of PwC Brazil sanctioned by PCAOB

Former partner of PwC Brazil sanctioned by PCAOB

A former partner of PwC Brazil has been fined $10,000 and barred for two years from associating with a registered public accounting firm.

Wander Rodrigues Teles, the former lead partner for PwC Brazil's 2010 and 2011 audits of the Brazilian subsidiaries of Sara Lee, including Sara Lee Cafés do Brasil Ltd., was sanctioned for failing to adequately respond to signs that Sara Lee Cafés overstated its accounts receivable. In 2012, Sara Lee restated its 2010 and 2011 financial results, citing accounting irregularities in its Brazil operations, including inflated accounts receivable.

"Faced with indications of possible material misstatements, the lead partner did not exercise appropriate professional skepticism," Claudius B. Modesti, director of PCAOB enforcement and investigations said. "He repeatedly ignored information suggesting that the company's financial information was materially misstated."

Top Content

    Blockchain and the Big Four: does it deserve all the hype?

    Although still in its infancy, blockchain is one of the most talked-about technologies of 2018. Will the blockchain bubble burst, or will it live up to its reputation as the ‘new internet’? Eleanor Jerome investigates

    read more

    Malaysia: Ready to show its strength

    Recent changes have enhanced the quality of audit reports in Malaysia, giving the profession a welcome opportunity to demonstrate its value to clients. Paul Golden reports

    read more

    China: Regulating the Chinese dragon

    Harsh regulatory actions and looming US trade wars have been dampening expectations in a Chinese market still full of potential, finds Jonathan Minter

    read more

    Indigenous Australians: New checks and balances

    With fewer than 40 known qualified Indigenous Australian accountants, Jonathan Minter speaks to Shelley Cable from PwC Australia about how increasing this number is an important part of improving the financial literacy of Indigenous communities

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.