"When we talk about FTX, a common question arises, "Who audited the FTX?". In line with the SEC's accounting and auditing enforcement, the audited financial statement (FS) submission to the SEC plays a critical role.
It's a requirement by SEC to submit these audited FS. In the case of these SEC audited financial statements it helps in establishing accountability and transparency of the organization concerned.
In case anyone seeks how to submit audited FS to the SEC, there are guidelines and protocols that need to be followed.
Audits make up a significant observation field for the SEC. The SEC audit committee usually includes a financial expert as an integral member. Influencing audits forms one of the key powers that the SEC holds.
When it comes to the broker-dealer annual audit filing with SEC, conformity with these regulations is one of the significant issues under the purview of SEC.
When auditing the financial records of FTX is supervised under these regulations, considering the link 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. SEC also certifies external auditors, thereby enhancing quality checks in audited financial statements.
In explaining 'SEC' in the audit context, it outlines the U.S. Securities and Exchange website 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."