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  "documentTitle": "dLocal (DLO)",
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  "authorName": "Carson Block",
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  "notes": "Focuses on auditor independence concerns, specifically PwC Argentina and MHA MacIntyre Hudson.",
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      "text": "We are concerned that PwC Argentina lacks the resources to audit such a complex, global company.",
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      "text": "We have significant conflict of interest concerns with these audits. MHA MacIntyre Hudson is the auditor for not just Dlocal's two UK payment processing subsidiaries but also AstroPay's UK family of companies.",
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      "text": "Questionable Consolidated Auditor Choice: DLO chose PwC Argentina as its auditor. We are concerned that PwC Argentina lacks the resources to audit such a complex, global company. We are further concerned because DLO's CFO, Diego Cabrera, worked at PwC Argentina through 2008.",
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      "text": "Troubling Subsidiary Auditor Choice: DLO has two of its three key subsidiaries in the UK. These subsidiaries reported ~45.6% of 2020 consolidated revenue. The subsidiaries are audited by a questionable local auditor, MHA MacIntyre Hudson.",
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      "text": "We are further concerned because DLO's CFO, Diego Cabrera Canay, worked at PwC Argentina through 2008; that gives rise to the possibility that the auditor is less skeptical of DLO than it should be. (We have previously noted similar dynamics in the cases of Sino-Forest and NMC Health.) — Muddy Waters Research",
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      "text": "Footnotes 93-97 detailing prospectus data, FinCen status, and Bloomberg Tax reports on auditor scrutiny.",
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