"When we talk about FTX, a here common question arises, "Who audited the FTX?". In the framework of the SEC’s regulatory enforcement on accounting and auditing, a crucial part resides in the submission of audited FS to SEC.
SEC mandates the submission of these audited FS. In the case of these SEC audited financial statements it helps in establishing accountability and transparency of the organization concerned.
Should anyone question about the submission of audited FS to the SEC, certain guidelines should be followed in accordance with protocols.
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.
In terms of the broker-dealer annual audit filing with the SEC, conformity with these regulations is one of the significant issues under the purview of SEC.
Auditing financial statements of FTX is seen in light of these rules and regulations, acknowledging the bond between FTC and SEC.
To serve as an audit client in the US, SEC's endorsement is usually required. 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 represents the U.S. Securities and Exchange Commission, a regulatory body that oversees audits.
In areas including Texas, SEC's dominion reigns when it comes to regulatory concerns. 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."