"When we read more talk about FTX, a common question arises, "Who audited the FTX?". As a component of the SEC accounting and auditing enforcement procedures, the audited financial statement (FS) submission to the SEC plays a critical role.
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.
Should anyone question about the submission of 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. 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, the commitment to these requirements serves as a major aspect of SEC rulings.
When auditing the financial records of FTX is seen in light of these rules and regulations, acknowledging the bond between 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 certifies external auditors, thereby enhancing quality checks in audited financial statements.
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. Overall, knowing the auditor of FTX and understanding SEC's impact, the audit processes and standards bear great significance in the financial sector."