"When FTX is under discussion, a auditor of ftx common question to arise is, “Who performed the audit on FTX?”. In line with the SEC's accounting and auditing enforcement, the audited financial statement (FS) submission to the SEC plays a critical role.
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.
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.
An important area of interest for the SEC is audits. 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, compliance with this requirement is a significant aspect of the SEC regulations.
Auditing financial statements of 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. SEC also certifies external auditors, thereby enhancing quality checks in audited financial statements.
In explaining 'SEC' in the audit context, it means the U.S. Securities and Exchange Commission, an organization that regulates audits.
In areas including Texas, SEC's dominion reigns when it comes to regulatory concerns. In conclusion, clarity regarding FTX's auditor to understanding SEC's influence, audit norms and protocols carry great weight in the finance industry."