Welcome
Financial Accounting News

Via Varejo Rises as Investigation Seen Linked to Former Mgmt

Dec. 13, 2019, 2:09 PM

Via Varejo shares rose as much as 4.9% to 10.49 reais after an investigation committee reported to the board of the company that evidence of accounting fraud and internal control failures was found.

  • Fraud involves manipulation of the company’s labor provision and improper deferral of asset write-offs and liabilities accounting
  • Adjustments in 4Q19 results estimated at around 1.2b reais-1.4b reais in Q419 results, with an impact on equity between 800m reais and 940m reais
  • Shares fell 3.1% on Thursday
  • The investigation is related to the practices of the company’s former management and is part of the adjustment phase the company...

To read the full article log in. To learn more about a subscription click here.