Brilliant Acquisition in an 8-K filing today said its board had accepted the resignation of accounting firm Marcum LLP. The SPAC in the filing said it has not had any disagreements with Marcum on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.
However, the SPAC also noted that Marcum had advised that a material weakness in internal control over financial reporting exists with respect to the SPAC’s accounting for the classification and valuation of complex financial instruments including common stock purchase warrants and redeemable shares issued in the June 2020 IPO and lack of controls needed to ensure that filings are made timely in accordance with SEC rules.
The SPAC said it has hired the firm of Marcum Bernstein & Pinchuk LLP (“Marcum BP”) to audit consolidated financial statements for the fiscal year ending Dec . 31, 2020. Read more.
