Audit Committees Urged to Keep Tabs on SPAC Reporting, Turnover

Corporate directors should ask their outside auditors how staff turnover or deals involving blank check companies could compromise financial reporting.

The US audit regulator, the Public Company Accounting Oversight Board, released on Wednesday a list of questions and topics that corporate boards should consider reviewing with their auditor. The topics cover cybersecurity risks, auditors’ use of technology, and fraud risks.

• A wave of resignations coupled with a shrinking pool of licensed accountants has left corporate accounting teams short-handed. Audit committees, tasked with overseeing financial reporting, should ask how such shortages have affected the quality of the company’s accounting and internal ...