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The Accounting Podcast
SPAC Attack: Why Withum Got Slapped with a $2M PCAOB Fine
Mar 8, 2024
Discussing Withum's $2M fine for poor audit quality on SPAC audits, the podcast explores workload issues with overworked teams and partners clocking 100+ hour weeks. Delving into resource management challenges, the episode debates whether fines are enough to bring about change or just seen as a cost of business.
15:30
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Quick takeaways
- Increased workload without adequate staff growth led to poor audit quality at Withum.
- Partners' accountability and ethical concerns in audit firms impact audit quality and regulatory penalties.
Deep dives
Impact of Excessive Workload on Audit Quality
The podcast highlights the impact of excessive workload on audit quality, focusing on the case of PCAOB findings against Witham and Markham. Witham faced a $2 million fine due to back audits not being appropriately conducted, leading to concerns about their resources to execute audits. The discussion reveals how firms like Witham took on a significantly higher number of audits without proportionate increase in headcount, resulting in partners handling an excessive number of audits, compromising audit quality.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode