"When inquiring about FTX, one might ask, “Who was the auditor for FTX?”. As a component of the SEC accounting and auditing enforcement procedures, a crucial part resides in the 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 it helps in establishing accountability and transparency of the organization concerned.
Should anyone question about the submission of audited FS to the SEC, there are guidelines and protocols that need to be followed.
Audits make up a significant observation field for the SEC. The SEC audit committee usually includes a financial expert as an integral member. The SEC has a strong influence over audits, one of its primary powers.
In terms click here of the broker-dealer annual audit filing with the SEC, compliance with this requirement is a significant aspect of the SEC regulations.
The auditing of FTX financial statements falls under the oversight of these regulations, given the interconnection 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.
To clarify what the term 'SEC' refers to in an audit, it outlines the U.S. Securities and Exchange Commission, an authoritative body governing audits.
SEC's influence extends even to places like Texas in terms of regulatory issues. 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."