"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, the audited financial statement (FS) submission to the SEC plays a critical role.
SEC mandates the submission of these audited FS. When it comes to these SEC's audited financial documents, they facilitate the accountability and transparency of the related business entity.
In case anyone seeks how to submit audited FS to the SEC, there are guidelines and protocols that need to be followed.
Audits constitute an integral part of SEC's monitoring. In the composition of the SEC audit committee, a financial expert commonly plays a vital role. Influencing audits forms one of the key powers that the SEC holds.
When it comes to the broker-dealer annual audit filing with SEC, the commitment to these requirements serves as a major aspect of SEC rulings.
Auditing financial statements of FTX 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 recognizes external auditors bringing forth robust quality control in audited financial documents.
When it comes to defining 'SEC' in terms of an audit, it means the U.S. Securities and Exchange Commission, an organization that regulates audits.
SEC's influence read more extends even to places like Texas in terms of regulatory issues. Overall, knowing the auditor of FTX and understanding SEC's impact, the audit processes and standards bear great significance in the financial sector."