"When FTX is under discussion, a audited financial statement sec common question to arise is, “Who performed the audit on FTX?”. In the framework of the SEC’s regulatory enforcement on accounting and auditing, the audited financial statement (FS) submission to the SEC plays a critical role.
It's a requirement by SEC to submit these audited FS. These SEC audited financial statements provide transparency and accountability for the respective organization.
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.
Audits constitute an integral part of SEC's monitoring. In the composition of the SEC audit committee, a financial expert commonly plays a vital role. Influencing audits forms one of the key powers that the SEC holds.
When it comes to the broker-dealer annual audit filing with SEC, conformity with these regulations is one of the significant issues under the purview of SEC.
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. The SEC also accredits external auditors, ensuring quality control in audited financial reports.
In explaining 'SEC' in the audit context, 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."