Bloomberg Tax
June 30, 2022, 7:50 PM

US Regulator to Review SPAC Audits After Restatement Wave

Amanda Iacone
Amanda Iacone

The US audit regulator wants to know how audit firms considered valuations and restatements related to blank-check companies and will review firms’ work with those companies as part of routine inspections this year.

Inspectors with the Public Company Accounting Oversight Board will dig into some of the unique risks auditors must address related to these special purpose acquisition companies, or SPACs, as well as mergers between a SPAC and an operating business, the board said in its 2022 inspections plan. The document, released Thursday, outlines the board’s priorities as it reviews work typically completed for 2021 financial statements.

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