"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. In the case of these SEC audited financial statements it helps in establishing accountability and transparency of the organization concerned.
If one wonders how to submit audited FS to SEC, certain guidelines should be followed in accordance with protocols.
Audits make up a significant observation field for the SEC. The SEC audit committee usually includes a financial expert as an integral member. Influencing audits forms one of the key powers that the SEC holds.
When it comes to the broker-dealer annual audit filing with SEC, compliance with this requirement is a significant aspect of the SEC regulations.
Auditing financial statements of FTX is supervised under these regulations, considering the link between the FTC and SEC.
To serve as an audit client in the US, SEC's endorsement is usually required. 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 represents the U.S. Securities and Exchange Commission, a regulatory body that oversees audits.
In areas including Texas, SEC's dominion reigns when it comes to regulatory concerns. To sum up, from understanding who the auditor for FTX was, to comprehending the SEC's influence, audit requirements and sec accounting and auditing enforcement procedures are crucial in the world of finance."