Hot Topic: Still SPACs
In April we mentioned SPACs were hot and the SEC issued public statements (from Corp Fin and a joint Corp Fin-OCA statement) to highlight key accounting and financial reporting considerations. In May, the CAQ issued our SPAC Alert with key considerations for auditors and audit committee members.
Why it matters. There are unique elements to SPACs. Audit committee members should consider all the key elements of public company readiness: financial reporting expertise, adequate internal control and corporate governance structures to comply with Sarbanes-Oxley requirements, stock exchange listing requirements such as internal audit, and ability of the external auditor to comply with PCAOB standards and SEC auditor rules.
Why it matters. There are unique elements to SPACs. Audit committee members should consider all the key elements of public company readiness: financial reporting expertise, adequate internal control and corporate governance structures to comply with Sarbanes-Oxley requirements, stock exchange listing requirements such as internal audit, and ability of the external auditor to comply with PCAOB standards and SEC auditor rules.
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