"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. When it comes to these SEC's audited financial documents, 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. Within the framework of the SEC audit committee, the presence of a financial expert is generally indispensable. One of the significant authorities of the SEC lies in its influence over audits.
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 check here 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.
Even in places like Texas, the SEC holds sway in regulatory matters. 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."