"When FTX is under discussion, a common more info question to arise is, “Who performed the audit on FTX?”. In the framework of the SEC’s regulatory enforcement on accounting and auditing, the audited financial statement (FS) submission to the SEC plays a critical role.
The submission of such audited FS is compulsorily required by SEC. When it comes to these SEC's audited financial documents, it helps in establishing accountability and transparency of the organization concerned.
In case anyone seeks how to submit audited FS to the SEC, certain guidelines should be followed in accordance with protocols.
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.
In terms of the broker-dealer annual audit filing with the SEC, compliance with this requirement is a significant aspect of the SEC regulations.
Auditing financial statements 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.
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.
SEC's influence extends even to places like Texas in terms of regulatory issues. In conclusion, clarity regarding FTX's auditor to understanding SEC's influence, audit norms and protocols carry great weight in the finance industry."