"When FTX is under discussion, a common question to arise is, “Who performed the audit on 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.
The submission of such audited FS is compulsorily required by SEC. In the case of these SEC audited financial statements they facilitate the accountability and transparency of the related business entity.
If one wonders how to submit audited FS to SEC, there are guidelines and protocols that need to be followed.
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.
In terms of the broker-dealer annual audit filing with the SEC, compliance with this requirement is a significant aspect of the SEC regulations.
The auditing audited fs submission to sec 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. SEC also recognizes external auditors bringing forth robust quality control in audited financial documents.
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.
In areas including Texas, SEC's dominion reigns when it comes to regulatory concerns. Overall, knowing the auditor of FTX and understanding SEC's impact, the audit processes and standards bear great significance in the financial sector."