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What Auditors and Audit Committees Need to Know about SPACs

  • Accountant
  • CPA (CA)
  • CIA
  • CMA
  • CPA (US)
  • IAP
  • QIAL
  • CFIRS
  • CWS
  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Course Description

A huge surge this year in the number of special-purpose acquisition companies (SPACs) has led to interest from investors and scrutiny on the part of the SEC.

New guidance from the Centre for Audit Quality (CAQ), which is affiliated with the AICPA, provides ideas for auditors and audit committees to consider related to SPACs and the initial public offerings and mergers that are related to them.

But bringing a private company into the public markets through a SPAC poses unique risks and challenges, and the surge in interest has attracted the SEC’s attention. In March, the SEC warned that investors shouldn’t make investing decisions based on a celebrity’s involvement with a SPAC.

The merger of a SPAC and a target company often raises complex financial reporting and governance issues. Stakeholders, including audit committees need to consider the risks, complexities, and challenges related to SPAC mergers, including careful consideration of whether the target company has a clear, comprehensive plan to be prepared to be a public company.

This online CPE webinar covers the following key topics:

  • The CAQ’s guidance for auditors.
  • Considerations for client acceptance and continuance.
  • Auditor registration with the PCAOB.
  • Auditor reporting.
  • Elevated risk of fraud.
  • Readiness of the company to go public.
  • Experience and track record of the SPAC sponsor.
  • Corporate governance.
  • Accounting and reporting.
  • Auditor selection and oversight.
  • Disclosure considerations.

Learning Objectives

  • To discuss disclosure obligations.
  • To know the Auditor reporting duties.
  • To review SPAC sponsor requirements.
  • To discuss that how SPAC influences corporate governance.
  • To be familiar with CAQ guidance.
  • To comprehend SPAC Accounting and reporting.

Recommended For

  • This online CPE webinar is recommended for CIAs and all other IIA titles involved in audit of companies that have merged with special purpose acquisition companies
  • This online CPE webinar is recommended for CPAs involved in financial reporting or auditing of those companies that have merged with special-purpose acquisition companies

Who Should Attend?

  • Accountant
  • Accounting and audit managers/practitioners
  • Accounting Firm
  • Accounting Managers
  • Auditors
  • Chartered Professional Accountant
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Staff of Accounting Firm
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 2 CPE Credit of Accounting & Auditing for Certified Internal Auditors (CIA)
  • 2 CPE Credit of Accounting & Auditing for Certified Internal Auditors (CIA)
  • 2 CPE Credit for Certified Management Accountants (CMA)
  • 2 CPE Credit of Auditing for Certified Public Accountants (CPA-US)
  • 2 CPE Credit of Auditing for Certified Public Accountants (CPA-US)
  • 2 CPD Credit for Chartered Professional Accountant (CPA Canada)
  • 2 CPE Credit for Internal Audit Practitioner (IAP)
  • 2 CPE Credit for Qualification in Internal Audit Leadership (QIAL)
  • 2 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 2 CE Credit for Certified Wealth Strategist (CWS)
  • 2 General Credit for Accountant/Bookkeeper/Tax Professionals

Additional details

  • Course Level :
    Basic
  • Credits :
    2
  • Instructional Method :
    Group Internet Based
  • Pre-requisites :
    None
  • Advance Preparation :
    None

NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.

Presenter

About Presenter

Michel Morley

Founder, Mike Morley

Mike Morley is a Certified Public Accountant and a recognized authority in the field of finance with more than 25 years experience in finance, including SOX and IFRS implementation.

An entertaining and informative speaker and trainer, Mike is the author of:

“IFRS Simplified” which provides a jump start for accountants and finance executives who want to quickly and easily get up to date on IFRS.

 “Sarbanes-Oxley Simplified” which is an easy-to-read explanation of the requirements of the U.S. legislation that makes CEO's & CFO's personally responsible for the accuracy of their company's financial statements.

“Financial Statement Analysis Simplified” which translates the accounting language of financial statements into clear, easy-to-understand terms that anyone who needs to make well-informed financial decisions quickly will appreciate.

Faq

FAQs content

  • To receive Continuing Education credit for the event, you must register for the webcast prior to the start of each program.
  • Continuing Education Credit Certificate is available to all eligible participants within 24 hours of each webinar.
  • You must attend complete live webinar and respond to all polling questions asked during the webinar. Credits would be issued on 50 minute credit hour basis.
  • Polling feature Not supported: If you are logging in through browser or web portal in the browser (zoom.us) it doesn’t support the polling feature. Please be advised the current polling feature can only be supported via Zoom desktop and mobile app. You can check the same here : https://support.zoom.us/hc/en-us/articles/203749865-Polling-for-webinars
  • This event may be a recorded rebroadcast of a live event done in past and the instructor will be available to answer your questions during/after the webinar.
  • If you still face the polling problem please don’t panic and provide your response in the chat and we shall consider the same for processing for credits. You can download Zoom by clicking on the mentioned link : https://zoom.us/download
  • Our courses meet the global Continuing Professional Development (CPD-IES7) Standard for Chartered Accountants with International Education Standard 7 (IES 7) set by The International Federation of Accountants (IFAC), the International Accounting Education Standards Board (IAESB) and the Association of Chartered Certified Accountants (ACCA). Based on our accreditation by existing IFAC members and affiliates, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
  • You can manage your continuing education certificates and credits through your certificate dashboard which is available when you are logged in to your account (LOGIN)
  • As an accredited provider of Continuing Professional Education in the United States, myCPE online learning platform, courses, and webinars meet the requirements set forth by the Institute of Management Accountants (IMA), an IFAC Member Organization, as well as the National State Boards of Accountancy (NASBA) and the Institute of Internal Auditors (IIA), both IFAC Affiliates. As well as it has been approved by NASBA, Internal Revenue Service (IRS), Certified Financial Planner Board (CFP Board), California Tax Education Council (CTEC), Society of Human Resource Professional (SHRM), Human Resource Certification Institute (HRCI) and many more.Therefore, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable continuing education requirement as CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
  • myCPE Courses are taken by : CPA | CMA | CFE | CIA | CPA(Yellow Book)| CFP | CFA | CPA (Govt.) | EA | CRTP | MRTP | ORTP | ABV | CITP | CVA | PFS | CFF and others.

Ratings and Review

4

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SL

Susan Lapanne, CFE, CPA (US), CGMA

Jun 3rd, 2021

Thanks so much for a very good presentation. This was especially important information for me as I am a not-for-profit CFO but I teach in an accounting program. Because of my focus, there are a number of areas in the for-profit world that I lack clear knowledge of. Mike's presentation was very helpful for my in the area of SPACs. Thank you!

What Auditors and Audit Committees Need to Know about SPACs

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2 Credits

Subject Area

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