The accounting firms PwC and KPMG have been drawn deeper into the scandal over collapsed Brazilian retailer Americanas after the publication of internal correspondence showing how the company hid billions of dollars of debt.
Americanas’ new management told the Financial Times that it was seeking “context” to explain correspondence between former executives and the two audit firms, which was uncovered by an independent investigation into almost $4bn of accounting irregularities that sent the company into bankruptcy in January.
The retailer last week said for the first time that fraud lay at the heart of the collapse. While it pointed the finger at former executives, the development also raised the stakes for the company’s advisers.
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