Auditor concentration

SPACs are shells with almost no accounting to do — so the audit is a commodity, and it has consolidated into a handful of firms. Every row below is read from the “Experts” section of a filed prospectus and cited by accession.

Signed by one firm

54.0%of audited SPACs

WithumSmith+Brown, PC audits 188 of the 348 SPACs whose prospectus names an auditor — 6.5× the next firm.

WithumSmith+Brown, PC188 · 54.0%
CBIZ CPAs P.C.29 · 8.3%
MaloneBailey, LLP28 · 8.0%
Marcum LLP16 · 4.6%
31 other firms87 · 25.0%

Why it matters: an auditor resignation or a PCAOB action against a firm this concentrated is not a single-company event — it forces a re-audit queue across a large share of the asset class at once. The 2021 SEC warrant-restatement wave moved through the same shared bench. Concentration is a structural fact of this market, not a comment on any firm’s work.

Audit firms

named in a filed prospectus

SPACs with an auditor on file

348

of 1283 tracked SPACs

Top-3 share

70%

three firms sign this much of the market

Single-SPAC firms

the long tail — one mandate each

Every audit firm

ranked by SPACs signed

#	Firm	SPACs audited	Share of audited SPACs	Clients
1	WithumSmith+Brown, PC	188	54.0%	AAC AACB AACO ADAC AEAQ AEXA +182 more
2	CBIZ CPAs P.C.	29	8.3%	AACI ACGC APMC BREZ BRTM CGCF +23 more
3	MaloneBailey, LLP	28	8.0%	ACAA AFJK ALIS APUR BKHA CAPN +22 more
4	Marcum LLP	16	4.6%	AEAE ALCYF BYNO CMCAF CNDA DRDB +10 more
5	Adeptus Partners, LLC	13	3.7%	AACP BPAC FTII GSRV GTER IDAC +7 more
6	Simon & Edward, LLP	9	2.6%	FWAC FXAC GLED OCLT OTAI PLCI +3 more
7	UHY LLP	8	2.3%	BAYA CHPG DTSQ HSPO IBAC IPCX +2 more
8	Marcum Asia CPAs LLP	6	1.7%	CIK2143067 COLA EURK FJDI FSHP RFAM
9	Guangdong Prouden CPAs GP	5	1.4%	ARCL BCAR CIK2073516 MMTX PLUN
10	WWC, P.C.	5	1.4%	ASPC BSAA MCAH UYSC WPAC
11	Audit Alliance LLP	5	1.4%	CHEC RIBB SSEA WSTN XFLH
12	Elliott Davis, PLLC	4	1.1%	BACC BLUW BWIV KOYN
13	Fruci & Associates II, PLLC	3	0.9%	ALDF FGII TVIV
14	BDO USA, P.C.	3	0.9%	IPFX ISRLF NOEM
15	RBSM LLP	3	0.9%	AESP CBRRF CRAC
16	HYYH CPA. LLC	2	0.6%	ALPX FMAC
17	ZH CPA, LLC	2	0.6%	FVN WTG
18	TAAD LLP	2	0.6%	EMIS NCO
19	BPM LLP	1	0.3%	GIX
20	Pipara & Co LLP	1	0.3%	HCAC
21	KNAV CPA LLP	1	0.3%	IRAB
22	Grassi & Co., CPAs, P.C.	1	0.3%	CCAQ
23	Hacker, Johnson & Smith PA	1	0.3%	AIIA
24	Friedman LLP	1	0.3%	IGTA
25	Fortune CPA, Inc.	1	0.3%	EWAV
26	Kreit & Chiu CPA LLP	1	0.3%	SAGU
27	Sadler, Gibb & Associates, LLC	1	0.3%	MYX
28	YCM CPA INC.	1	0.3%	OCAC
29	Bush & Associates CPA LLC	1	0.3%	IPEX
30	EC Barrett, LLC	1	0.3%	APAC
31	Enrome LLP	1	0.3%	NBRG
32	Assentsure PAC	1	0.3%	BEBE
33	Citrin Cooperman & Company, LLP	1	0.3%	PPYA
34	Deloitte & Touche LLP	1	0.3%	CRCL
35	Grant Thornton LLP	1	0.3%	TBCV

Coverage: 348 engagements across 35 firms, read out of IPO prospectuses (S-1 / 424B4) and cited by accession. An auditor is on file for 348 of 1283 tracked SPACs (27%), and every share figure on this page is a share of those 348 — never of the whole fleet. A SPAC whose prospectus has not been parsed yet is absent, not zero.