The Securities and Exchange Commission on Wednesday charged audit firm Marcum LLP with “systemic quality control failures’ and violations of audit standards...
The Securities and Exchange Commission on Wednesday charged audit firm Marcum LLP with “systemic quality control failures’ and violations of audit standards in work conducted for hundreds of special purpose acquisition corporations. Marcum has agreed to pay a $10 million fine to settle the charges.
Cs are shell companies that go public and then acquire a business or businesses within a two-year... The Securities and Exchange Commission on Wednesday charged audit firm Marcum LLP with “systemic quality control failures’ and violations of audit standards in work conducted for hundreds of special purpose acquisition corporations. Marcum has agreed to pay a $10 million fine to settle the charges.
Cs are shell companies that go public and then acquire a business or businesses within a two-year timeframe. If they fail to find a suitable target, they give the money back to the original investors. Marcum’s rapid growth “exposed substantial, widespread, and pre-existing deficiencies in the firm’s underlying quality control policies, procedures, and monitoring.
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