RSM Brasil, the company hired to audit Arandu (formerly Reg Investimentos), issued a qualified opinion on the company's latest financial statement, for the year 2024. The financial statement was only submitted to the Brazilian Securities and Exchange Commission ( CVM ) in January of this year, almost a year late.
According to the audit, it was not possible to carry out the necessary procedures to assess the "effectiveness of the policies, procedures and internal controls implemented by the company related to the prevention of money laundering and the financing of terrorism," according to documents accessed by NeoFeed.
RSM's justification for refraining from agreeing to such procedures comes amid investigations by the Public Prosecutor's Office, in which Reag was identified as one of the mechanisms for money laundering by organized crime.
According to RSM, it was not possible to audit these processes because the audit was only contracted after the end of the fiscal year ending in 2024.
“Consequently, we did not obtain sufficient appropriate audit evidence regarding the compliance and effectiveness of these processes, as well as the accounting balances arising from financial transactions that could be subject to such risks,” says RSM.
Arandu was the brand of an asset management firm operating under the Reag umbrella, investing in small and medium-sized enterprises. Following a Federal Police operation, the company's executives bought what remained of Reag and approved the rebranding in a shareholders' meeting, as the company was operational.
The Central Bank, in turn, decreed only the extrajudicial liquidation of CBSF Distribuidora de Títulos e Valores Mobiliários SA, one of the arms of the former Reag. On the stock exchange, for example, the company's ticker changed from REAG3 to ARND3.
According to company documents filed with the CVM (Brazilian Securities and Exchange Commission), RSM was hired by Arandu on October 27th, after it had already been the target of a search and seizure operation as part of Operation Hidden Carbon , conducted by the Federal Police in August 2025.
The former auditor was PwC, and the last financial statement audited by them was for the third quarter of 2024, when they focused solely on the activities of GetNinjas , which was acquired by Reag for the group's listing via a reverse IPO.
In October of that year, the company completed the transaction that made GetNinjas a subsidiary of the structure and took the Reag group public on the stock exchange . Since then, the company has been successively postponing the release of its financial statements, and to this day, the 2025 figures remain undisclosed.
Last year, Reag's director of investor relations, Dario Tanure, justified the change of auditor by stating that it occurred "for strategic reasons, with the former auditor having expressed their agreement with said change."
RSM also points to a "deviation from accounting practice" in anticipating, in the 2024 balance sheet released late, information that was only finalized in 2025.
This refers to the stake in the Reag Master Feeder FIC FIDC fund, treated as an "asset held for sale," and, according to RSM, "as of December 31, 2024, there was no evidence or formal intention from management to realize this asset." The shares were sold in July 2025.
According to RSM, it was also not possible to access the results of the independent audit conducted on the Reag Master Feeder FIC FIDC fund for the fiscal year ending in December 2024.
The fund's last audited financial statement available from the CVM (Brazilian Securities and Exchange Commission) refers to the 2023 fiscal year. According to the document, which was audited by PwC, the fund's main investments were in other FIDCs (Investment Funds in Credit Rights) of Reag itself. In 2023, the fund closed with net assets of R$ 544.64 million.
Of the total amount, R$ 390.49 million was allocated to the Reag High Yield FIDC, R$ 113.59 million to the Reag Recebíveis FIDC Aberto, R$ 2.1 million to the Reag Cedentes FIDC, and the remainder was spread among the FIDCs Condocash II, SOS Bolso, Reag Agro, Webcash, and Estácio.
The audit also sheds light on the concentration of profits in discontinued activities at Arandu. According to the balance sheet, these operations had a profit of R$ 40.36 million, while continuing operations recorded a loss of R$ 30.35 million in 2024.
In 2025, the company also sold off businesses in the Asset and Wealth Management segment.
Due to the delay in releasing the 2024 annual balance sheet and the financial statements for the first and second semesters, the CVM (Brazilian Securities and Exchange Commission) is suing the company's former CFO, Fabiana Franco.
Franco, who worked for almost 10 years in structures linked to Reag, left the company in a joint resignation with João Carlos Mansur , the company's CEO, on September 7, just over a week after Operation Hidden Carbon.
When contacted, Arandu stated that it will not comment on the findings of the audit.
