A new PCAOB staff report analyzes audits of special-purpose acquisition companies (SPACs), an area in which its inspectors have observed relatively high rates of audit deficiencies.
The report offers a view into inspection observations and staff insights to investors and other stakeholders.
From 2021 to 2022, PCAOB inspectors reviewed more than 100 audits of companies that were either considered SPACs or formed through a de-SPAC transaction. Based on these inspections, the report presents several key takeaways for auditors.