The Public Company Accounting Oversight Board has sanctioned a former partner of PricewaterhouseCoopers Auditores Independentes in Brazil for audit failures involving Sara Lee Corporation.
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 violations of PCAOB rules and standards. The PCAOB found Teles failed 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.
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