Marcum LLP Fined Millions and Forced to Restructure Over Quality Control Failures and SPAC Audit Issues
The SEC has 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. Marcum agreed to pay a $10 million penalty to settle the charges. The SEC found that Marcum's deficiencies were not limited to SPAC clients, but they reflected systemic quality control failures throughout the firm.