"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 sec accounting and auditing enforcement on accounting and auditing, the submission of the audited financial statements to SEC is of paramount importance.
The submission of such audited FS is compulsorily required by SEC. In the case of these SEC audited financial statements they facilitate the accountability and transparency of the related business entity.
Should anyone question about the submission of audited FS to the SEC, there exists a set of protocols and guidelines that should be adhered to.
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. Influencing audits forms one of the key powers that the SEC holds.
As for the annual audit filing of broker-dealer with the SEC, compliance with this requirement is a significant aspect of the SEC regulations.
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. The SEC also accredits external auditors, ensuring quality control in audited financial reports.
To clarify what the term 'SEC' refers to in an audit, it means the U.S. Securities and Exchange Commission, an organization that regulates 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."