"When FTX is under discussion, a common question to arise is, “Who performed the audit on FTX?”. In line with the SEC's accounting and auditing enforcement, a crucial part resides in the submission of audited FS to SEC.
It's a requirement by SEC to submit these audited FS. In the case of these SEC audited financial statements provide transparency and accountability for the respective organization.
Should anyone question about the submission of audited FS to the SEC, there are guidelines and protocols that check here need to be followed.
Audits make up a significant observation field for the SEC. In the composition of the SEC audit committee, a financial expert commonly plays a vital role. The SEC has a strong influence over audits, one of its primary powers.
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.
Auditing financial statements of FTX falls under the oversight of these regulations, given the interconnection between the FTC and SEC.
In the US, it's standard practice for an entity to require SEC's approval to function as an audit client. The SEC also accredits external auditors, ensuring quality control in audited financial reports.
When it comes to defining 'SEC' in terms of an audit, it outlines the U.S. Securities and Exchange Commission, an authoritative body governing audits.
In areas including Texas, SEC's dominion reigns when it comes to regulatory concerns. In conclusion, clarity regarding FTX's auditor to understanding SEC's influence, audit norms and protocols carry great weight in the finance industry."