Yes, SPACs need to have audited financial statements and continue to issue financial reports every quarter post-IPO. The board of directors and audit committees must fulfill their respective professional responsibilities so that companies meet their obligations under the federal securities laws to provide investors with high-quality financial reporting at the time of the merger and on an ongoing basis. Once the SPAC has identified a merger target, the private company's financials must also have an audit performed to PCAOB standards contained in the S-4 registration statement. If the company has not been subject to PCAOB audits in the past, that can cause substantial delays in closing the deal.