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CURO Group discloses material weakness in financial reporting internal controls

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CURO Group discloses material weakness in financial reporting internal controls

CURO Group Holdings Corp. management determined that there was a material weakness in controls over accounting for the financial reporting period as of Dec. 31, 2018.

The audit committee of CURO Group's board on Aug. 6 engaged Deloitte & Touche LLP as the company's independent public accounting firm starting in the quarter ending Sept. 30 and for the fiscal year ending Dec. 31. The committee also dismissed Grant Thronton LLP as the company's independent registered public accounting firm.

CURO Group said Grant Thornton's financial reports for fiscal 2018 and 2017 did not contain any adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope or accounting principles. For those fiscal years, there were no disagreements between Grant Thornton and CURO Group, and no reportable events occurred. The company's management concluded, however, that its internal controls over financial reporting as of Dec. 31, 2018, were not effective as a result of a material weakness in controls over accounting for complex or non-routine transactions or matters, specifically surrounding the evaluation and application of U.S. GAAP. As such, Grant Thornton gave an adverse opinion on the company's internal control over financial reporting for that period.

The company authorized Grant Thornton to respond fully to inquiries from Deloitte concerning the material weakness.