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SEC Won’t Review SPAC Filings Without Audit Opinions Amid Boom

May 5, 2021, 5:48 PM

A blank-check company looking to merge with a privately held business must make sure its target is ready to go public, and that includes meeting tougher audit standards, an SEC official said Wednesday.

Private company targets must have an audit that meets Public Company Accounting Oversight Board standards to merge with a blank-check, or special purpose acquisition company, said Lindsay McCord, chief accountant for the Division of Corporation Finance at the Securities and Exchange Commission.

  • Additional audit work may be needed to meet the requirements, McCord said in remarks to a Baruch College financial reporting conference.
  • PCAOB audits, ...