Audit firms fell short in their going concern reviews and some struggled with testing the financial statements of blank-check companies, the US audit regulator said, Bloomberg reports.
Inspectors with the Public Company Accounting Oversight Board reviewed 40 audits as part of its 2021 cross-firm reviews, which target a few audit areas across a range of firms. PCAOB staff looked at fraud risks and cash in addition to going concern evaluations and quarterly reviews of SPACs, according to a recap of the reviews the board released. Read more.
