In this new series, we will beam our search light on past and present accounting and audit failures in the financial reporting of organisations. The purpose of this is to re-educate ourselves on past failures that we need not repeat.
Background
This first episode is on the overstatement of account receivables of a company. On March 20, 2017 the Public Company Accounting Oversight Board (PCAOB) sanctioned Wander Rodrigues Teles, the former partner of PricewaterhouseCoopers Auditores Independentes in Brazil (PWC Brazil) for audit failures and violations of PCAOB rules and standards in connection with the audit of the consolidated financial statements of Sara Lee Corporation for the fiscal year ended July 3, 2010 and July 2, 2011.
