December 5, 2016 / 3:57 PM / 2 years ago

Deloitte Brazil unit hit with record fine over false audit reports

WASHINGTON, Dec 5 (Reuters) - The Brazilian unit of accounting giant Deloitte has admitted to wrongdoing and will pay $8 million to settle civil charges that it issued “materially false” audit reports and tried to cover up the problems with false testimony and doctored files, U.S. auditor regulators announced Monday.

The Public Company Accounting Oversight Board (PCAOB) said that the $8 million fine against Deloitte Touche Tohmatsu Auditores marks the largest civil penalty it has ever imposed, and that it has also separately sanctioned 12 former partners and other officials for their role in the alleged scheme.

Reporting by Sarah N. Lynch

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