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PCAOB Fines WithumSmith+Brown $2M for SPAC Audit Violations
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Subscribe26 FEB 2024 / PEOPLE UPDATES
The Public Company Accounting Oversight Board (PCAOB) has fined accounting firm WithumSmith+Brown (WS+B) $2 million for significant quality control violations in its audits of Special Purpose Acquisition Companies (SPACs) from January 2020 to December 2021. The PCAOB found that WS+B's quality control system did not ensure its personnel complied with professional standards and regulatory requirements due to inadequate staffing, deficient procedures, and inconsistent communications, among other issues.
PCAOB Fines WithumSmith+Brown $2 Million for SPAC Audit Violations The Public Company Accounting Oversight Board (PCAOB) has imposed a $2 million fine on WithumSmith+Brown, PC, a prominent accounting firm, for significant quality control violations i...
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