Ankura Consulting Group LLC
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No surprises. Given the tumult in the markets and investor
anxiety over the quality of audits performed over the past 12
months… expect the hammer to drop as PCAOB (SEC) investigations
pick up. Beyond SPACs and Crypto fails (BTW.. isn’t that
enough!), expect more scrutiny on audits performed on public
companies.
“Staff shortages at audit firms and trends in initial
public offerings and mergers and acquisitions — including by
special purpose acquisition companies (SPACs) — also
increased audit risk and influenced PCAOB goal-setting, the agency
said. “The current economic environment changes the risk
landscape,” potentially increasing the incidence of fraud and
other wrongdoing.” (
CFO Dive)
While it may be hard to assess the impact of inflation, supply
chain disruptions and credit tightening on business results, there
is no doubt that we will see the audit compliance storm heading
this way. Hold on tight, grab the cash, and prepare for a bumpy
ride as we weather the uncertainty. Let’s hope for peace and
stability and a return to summer fun!
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