"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 ftc and sec regulations submission of audited FS to SEC.
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.
If one wonders how to submit audited FS to SEC, there exists a set of protocols and guidelines that should be adhered to.
Audits make up a significant observation field for the SEC. 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, conformity with these regulations is one of the significant issues under the purview of SEC.
The auditing of FTX financial statements falls under the oversight of these regulations, given the interconnection between the FTC and SEC.
Usually, SEC's accreditation is needed for an entity to act as an audit client in the US. SEC also certifies external auditors, thereby enhancing quality checks in audited financial statements.
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."