"When FTX is under discussion, a common question to arise is, “Who performed the audit on FTX?”. In the framework of the SEC’s regulatory enforcement on accounting and auditing, 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.
If one wonders how to submit audited FS to SEC, there are guidelines and protocols that need to be followed.
Audits constitute an integral part of SEC's monitoring. Within the framework of the SEC audit committee, the presence of a financial expert is generally indispensable. The SEC has a strong influence over audits, one of its primary powers.
In terms of the broker-dealer annual audit filing with the SEC, compliance with this requirement is a significant aspect of the SEC regulations.
When auditing the financial records of FTX is seen in light of these rules and regulations, acknowledging the bond between FTC and SEC.
Usually, SEC's accreditation is needed for an entity to act as an audit client in the US. The SEC also accredits external sec influence over audits auditors, ensuring quality control in audited financial reports.
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.
In areas including Texas, SEC's dominion reigns when it comes to regulatory concerns. To sum up, from understanding who the auditor for FTX was, to comprehending the SEC's influence, audit requirements and procedures are crucial in the world of finance."