"When FTX is under discussion, a common question to arise is, “Who performed the audit on FTX?”. As a component of the SEC accounting and auditing enforcement procedures, a crucial part resides in the submission of audited FS to SEC.
It's a requirement by SEC to submit these audited FS. These SEC audited financial statements they facilitate the accountability and transparency of the related business entity.
If one wonders how to submit audited FS to SEC, certain guidelines should be followed in accordance with protocols.
An important area of interest for the SEC is audits. The SEC audit committee usually includes a financial expert as an integral member. One of the significant authorities of the SEC lies in its influence over audits.
When it comes to the broker-dealer annual audit filing with SEC, the commitment to these requirements serves as a major aspect of SEC rulings.
The auditing of FTX financial statements is supervised under these regulations, considering the link between the FTC and SEC.
Usually, SEC's accreditation is needed for an entity to act as an audit client in the US. SEC also recognizes external auditors bringing forth robust quality control in audited financial documents.
In explaining 'SEC' in the audit context, it outlines the U.S. Securities and Exchange Commission, an authoritative body governing audits.
Even in places sec required audited fs like Texas, the SEC holds sway in regulatory matters. In conclusion, clarity regarding FTX's auditor to understanding SEC's influence, audit norms and protocols carry great weight in the finance industry."