Audit firms fell short in their going concern reviews and some struggled with testing the financial statements of blank-check companies, the US audit regulator said in a report Wednesday.
Inspectors with the Public Company Accounting Oversight Board reviewed 40 audits as part of its 2021 cross-firm reviews, which target a few audit areas across a range of firms. PCAOB staff looked at fraud risks and cash in addition to going concern evaluations and quarterly reviews of special purpose acquisition companies, or SPACs, according to a recap of the reviews the board released.
- Audit teams didn’t do enough to assess ...
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