Brazilian retailer Americanas' management received several notices of accounting deficiencies and inadequate internal controls, a partner at accounting firm KPMG said on Tuesday, issues at the heart of a fraud that became public this year.
, which filed for bankruptcy protection in January and has accounting irregularities of more than $5 billion, was aware of the deficiencies and canceled its contract with KPMG after the accounting firm sent it an internal control letter in 2019, KPMG partner in Brazil Carla Bellangero said.
Bellangero said that KPMG, which also handled accounting for Lojas Americanas and B2W before they merged to become Americanas in 2021, did not find fraud at either company from 2016 to 2019. "Since we didn't receive a response, we decided to issue an internal control letter to get management's attention," she added.
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