Company: PAX
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001628280-25-025640
Chunk: 278

Company: Patria Investments Ltd
Filing Date: 2025-05-15
Form: 20-F
Item: Item 19
Chunk 278
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 Ltda. (“ Tria”), Patria Private Equity (Europe) Limited and Patria Capital Partners LLP collectively (“ GPMS”), Credit Suisse Real Estate business in Brazil (“ CSHG”), Nexus Capital Partners S. A. S (“ Nexus”), which were acquired on April 02, 2024, April 26, 2024, May 24, 2024 and July 16, 2024, respectively, and whose combined financial statements constitute, respectively, approximately 10% of total assets and 12% of total net revenues of the consolidated financial statements amounts as of and for the year ended December 31, 2024. Accordingly, our audit did not include the internal control over financial reporting at Tria, GPMS, CSHG and Nexus.

Basis for Opinion

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Annual Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U. S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

  F-5  

Table of Contents

Auditor’s Reports on an Audit of Internal Control over Financial Reporting

Definition and Limitations of Internal Control over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that: (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance