PagSeguro Digital Ltd. Form 6-K Summary
Business Context and Reporting Period
This Form 6-K was filed by PagSeguro Digital Ltd. on May 5, 2020, for the month of May 2020. The registrant is a foreign private issuer based in São Paulo, Brazil, and files annual reports on Form 20-F. The filing primarily addresses a change in the company's independent registered public accounting firm.
Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. This report is a current report regarding corporate governance and does not contain financial statement data.
Material Changes
The primary material change disclosed is the replacement of the independent registered public accounting firm:
- Outgoing Auditor: Ernst & Young Auditores Independentes S.S. was replaced effective immediately on April 29, 2020.
- Incoming Auditor: PricewaterhouseCoopers Auditores Independentes was appointed to act as the independent registered public accounting firm beginning with the review of the first quarter of 2020.
- Historical Context: PricewaterhouseCoopers previously audited the company for fiscal years 2017 and 2018. Ernst & Young audited the fiscal year ended December 31, 2019.
Management Commentary, Risks, and Contingencies
Management confirmed that the report of Ernst & Young on the financial statements for the fiscal year ended December 31, 2019, contained no adverse opinion, disclaimer, or qualification. There were no disagreements with Ernst & Young regarding accounting principles, practices, financial statement disclosure, or auditing scope during the 2019 fiscal year or the interim period through April 29, 2020. Additionally, no "reportable events" occurred as defined in Regulation S-K. The company did not consult PricewaterhouseCoopers on any accounting matters or potential disagreements prior to this appointment.
Key Facts for Investor Verification
- Verify the effective date of the auditor change (April 29, 2020) and the scope of the new auditor's engagement (starting with Q1 2020 review).
- Confirm that no disagreements or reportable events existed with the former auditor, Ernst & Young.
- Note that this filing does not contain updated financial performance metrics; investors should refer to the most recent Form 20-F or quarterly reports for financial data.
- Review the attached Exhibit 16.1 for the formal letter from Ernst & Young regarding the change.