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  "documentTitle": "Super Group (SGHC) Limited (SGHC)",
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  "presentationDate": "2026-02-12 00:00:00",
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  "notes": "The slide uses direct quotes from company filings to expose the contradiction between management's claims of remediation and the recurring nature of the weaknesses.",
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      "text": "SGHC has a history of material weaknesses and recently changed its auditor from BDO to Deloitte in 2025. The Company claims to have remediated its material weaknesses.",
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      "text": "The Company had previously identified two material weaknesses in internal control over financial reporting that were described in our evaluation of Disclosure Controls and Procedures, which was included in the Company's Form 20-F for the year ended December 31, 2021, together with measures being undertaken in order to remediate the material weaknesses. During 2022, the Company also identified an additional material weakness that was described in the Company's Form F-4 Registration Statement filed with the Securities and Exchange Commission on November 10, 2022.",
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      "text": "We remediated our previously identified material weakness and although we are taking steps to maintain effective internal controls, there is no assurance we will be successful in doing so in a timely manner, or at all, and we may identify other material weaknesses.",
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      "text": "We identified a material weakness in connection with our internal control over financial reporting. Although we are taking steps to remediate this material weakness, there is no assurance we will be successful in doing so in a timely manner, or at all, and we may identify other material weaknesses.",
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      "text": "For the year ended December 31, 2023, we identified a material weakness related to retaining sufficient contemporaneous documentation to demonstrate the operation of the review controls over the forecasts used in performing the annual impairment test of goodwill of the DGC cash generating unit and in the purchase price allocation upon acquisition of DGC on January 1, 2023. This was disclosed in Form 20-F filed to the Securities and Exchange Commission on April 25, 2024.",
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      "text": "The Company had previously identified a material weakness in internal control over financial reporting that was described in Management's Annual Report on Internal Control Over Financial Reporting, which was included in the Company's Form 20-F for the year ended December 31, 2023, together with measures being undertaken in order to remediate the material weakness.",
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      "text": "For the year ended December 31, 2021, the material weaknesses related to (i) the fact that policies and procedures with respect to the review, supervision and monitoring of our accounting and reporting functions were either not operating effectively and consistently for the full period across the entire business or were not designed appropriately and in place, and (ii) inadequate internal controls over the retention of records and timely application of records in management's accounting assessments and conclusions. We have undertaken measures to remediate these material weaknesses for the year ended December 31, 2022, with the oversight of the Audit Committee of our Board of Directors, including implementation of improved processes and internal controls, as well as building our financial management and reporting infrastructure and hiring additional consultants and staff. Our improved processes and controls include timely review and supervision of our accounting and reporting functions by our management and the Board of Directors. Our management has concluded that the above material weaknesses have been remediated as of December 31, 2022.",
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      "text": "We identified a material weakness in connection with our internal control over financial reporting. Although we are taking steps to remediate this material weakness, there is no assurance we will be successful in doing so in a timely manner, or at all, and we may identify other material weaknesses. — Super Group (SGHC) Limited Form 20-F",
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      "text": "Source: FY23 and FY24 20-F, Auditor Change 6-K",
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      "text": "Recent Auditor Change And Multiple Prior Material Weaknesses Should Put Investors On Red Alert",
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