"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 it helps in establishing accountability and transparency of the organization concerned.
If one wonders how to submit audited FS to SEC, certain guidelines should be followed in accordance with protocols.
Audits constitute an integral part of SEC's monitoring. In the composition of the SEC audit committee, a financial expert commonly plays a vital role. Influencing audits forms one of the key powers that the SEC holds.
In terms of the broker-dealer annual audit filing with the SEC, the commitment to these requirements serves as a major aspect of SEC rulings.
The auditing of FTX financial statements falls under the oversight of these regulations, given the interconnection 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.
To clarify what the term 'SEC' refers to in an audit, it outlines the U.S. Securities and Exchange Commission, an authoritative body governing audits.
SEC's influence extends even to places like Texas in terms of regulatory issues. In conclusion, clarity regarding FTX's auditor to understanding SEC's influence, audit norms and protocols check here carry great weight in the finance industry."