SEC charges Marcum LLP with quality control failures and audit standard violations in SPAC clients since 2020, resulting in a $10 million penalty.
by Dismal-Jellyfish Source: https://www.sec.gov/litigation/admin/2023/34-97773.pdf TLDRS: In 2020/2021 there were 860 SPAC IPOs. Over 400 of these audited by Marcum. The SEC has charged audit firm Marcum LLP with significant quality control failures and audit standard violations in audits of hundreds of SPAC clients since 2020. This misconduct resulted from Marcum tripling its public company clients, mainly …