"When inquiring about FTX, one might ask, “Who was the auditor for 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. When it comes to these SEC's audited financial documents, provide transparency and accountability for the respective organization.
Should anyone question about the submission of audited FS to the SEC, certain guidelines should be followed in accordance with protocols.
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.
As for the annual audit filing of broker-dealer with the SEC, conformity with these regulations is one of the significant issues under the purview of SEC.
When auditing the financial records 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 sec accreditation for external auditors also accredits external auditors, ensuring quality control in audited financial reports.
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.
Even in places like Texas, the SEC holds sway in regulatory matters. In conclusion, clarity regarding FTX's auditor to understanding SEC's influence, audit norms and protocols carry great weight in the finance industry."