"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.
It's a requirement by SEC to submit these audited FS. When it comes to these SEC's audited financial documents, 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 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 the SEC, conformity with these regulations is one of the significant issues under the purview of SEC.
Auditing financial statements of audited fs submission to sec 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. The SEC also accredits external auditors, ensuring quality control in audited financial reports.
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.
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."