June 21, 2023

Audit firm Marcum LLP has agreed to pay $10 million after an SEC investigation and order found systemic quality control failures in the company’s audit work.  Following an explosion of SPAC clients in the past couple years, Marcum tripled its number of clients, but the rapidly increased workload revealed the company’s failures to design, implement, and monitor a quality control system.  As a result, about 25-50% of audits reviewed in connection with the investigation were found to violate auditing standards.  SEC

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