"When inquiring about FTX, one might ask, “Who was the auditor for 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. 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.
An important area of interest for the SEC is audits. In the composition of the SEC audit committee, a financial expert commonly plays a vital role. The SEC has a strong influence over audits, one of its primary powers.
In terms of the broker-dealer annual audit filing with the 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.
In the US, it's standard practice for an entity to require SEC's approval to function as an audit client. The SEC also accredits external auditors, ensuring quality control in audited financial reports.
In explaining 'SEC' in the audit context, it means the U.S. Securities and Exchange Commission, an organization that regulates audits.
SEC's influence extends even to places like Texas in terms of regulatory issues. In conclusion, clarity regarding FTX's auditor to understanding SEC's influence, audit norms and protocols carry great weight in read more the finance industry."