SEC Charges Audit Firm Marcum LLP for Widespread Quality Control Deficiencies
Washington, D.C.--(Newsfile Corp. - June 21, 2023) - The Securities and Exchange Commission today charged audit firm Marcum LLP with systemic quality control failures and violations of audit standards in connection with audit work for hundreds of special purpose acquisition company (SPAC) clients beginning at the latest in 2020.
- Washington, D.C.--(Newsfile Corp. - June 21, 2023) - The Securities and Exchange Commission today charged audit firm Marcum LLP with systemic quality control failures and violations of audit standards in connection with audit work for hundreds of special purpose acquisition company (SPAC) clients beginning at the latest in 2020.
- The SEC’s order also found that Marcum’s deficiencies were not limited to SPAC clients, but they reflected systemic quality control failures throughout the firm.
- The strain of this growth, however, exposed substantial, widespread, and pre-existing deficiencies in the firm’s underlying quality control policies, procedures, and monitoring.
- These deficiencies permeated nearly all stages of the audit process and were exacerbated as Marcum took on more SPAC clients.