PCAOB Issues Publication on Inspection Observations Related to SPACs April 21, 2023 The PCAOB has issued Spotlight: Inspection Observations — Audits of Special Purpose Acquisition Companies and De-SPAC Transactions. The publication discusses selected areas of focus for the Board’s inspections of audits of SPACs and de-SPAC transactions, including: Valuation of financial instruments by using complex valuation models. Quarterly mark-to-market valuation adjustments. Identification of the accounting acquirer in a business combination. Internal control over financial reporting. Financial presentation and disclosures. Potential restatements.