"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 submission of the audited financial statements to SEC is of paramount importance.
It's a requirement by SEC to submit these audited FS. These SEC audited financial statements provide transparency and accountability for the respective organization.
In case anyone seeks how to submit audited FS to the SEC, there exists a set of protocols and guidelines that should be adhered to.
Audits constitute an integral part of SEC's monitoring. The SEC audit committee usually includes a financial expert as an integral member. One of the significant authorities of the SEC lies in its influence over audits.
As for the annual audit filing of broker-dealer with audited fs submission to sec the SEC, conformity with these regulations is one of the significant issues under the purview of SEC.
When auditing the financial records 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. The SEC also accredits external auditors, ensuring quality control in audited financial reports.
In explaining 'SEC' in the audit context, it outlines the U.S. Securities and Exchange Commission, an authoritative body governing audits.
Even in places like Texas, the SEC holds sway in regulatory matters. Overall, knowing the auditor of FTX and understanding SEC's impact, the audit processes and standards bear great significance in the financial sector."