What Auditors And Audit Committees Need To Know About SPACS

  • Accountant
  • CRMA
  • CPA/CFF
  • CFE
  • CGAP
  • CGFM
  • CIA
  • CMA
  • CPA (US)
  • CVA
  • IAP
  • QIAL
  • CBA/MCBA
  • CFIRS
  • CWS

Published: August, 2021

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  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Overview

  • What is a Special Purpose Acquisition Company (SPAC)?
    4 mins
  • Issues with (SPAC)?
    16 mins
  • Advantages of a SPAC
    30 mins
  • SPAC merges with its target company
    44 mins
  • Are SPACs safe to invest in?
    63 mins
  • Direct listings
    82 mins

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.

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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 for Qualification in Internal Audit Leadership (QIAL)
  • 2 CPE Credit for Internal Audit Practitioner (IAP)
  • 2 CPE Credit of Auditing for Certified Public Accountants (CPA-US)
  • 2 CPE Credit of Auditing for Certified Management Accountants (CMA)
  • 2 CPE Credit of Internal Auditing for Certified Internal Auditors (CIA)
  • 2 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 2 CE Credit for Certified Wealth Strategist (CWS)
  • 2 General Credit for Accountant/Bookeeper
  • 2 CPE Credit for Certification in Risk Management Assurance (CRMA)
  • 2 CPD Credit of Auditing for Certified Financial Forensics (CFF)
  • 2 CPE Credit of Auditing for Certified Fraud Examiner (CFE)
  • 2 CPE Credit for Certified Government Auditing Professional (CGAP)
  • 2 CPE Credit for Certified Government Financial Manager (CGFM)
  • 2 CPE Credit of Auditing for Certified Valuation Analyst (CVA)
  • 2 CPE Credit of Auditing for Certified Business Appraiser/Master Certified Business Appraiser (CBA/MCBA)

Additional details

  • Course Level :
    Basic
  • Credits :
    2
  • Instructional Method :
    QAS Self Study
  • Pre-requisites :
    None
  • Advance Preparation :
    None

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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

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