"Understanding the Role of SEC and the Auditor for FTX"

"Understanding the Role of SEC and the Auditor for FTX"

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"When FTX is under discussion, a common question to arise is, “Who performed the audit on FTX?”. In the framework of the SEC’s regulatory enforcement on accounting and auditing, a crucial part resides in the submission of audited FS to SEC.

SEC mandates the submission of 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, certain guidelines should be followed in accordance with protocols.

Audits constitute an integral part of SEC's monitoring. The SEC audit committee usually includes a financial expert as an integral member. Influencing audits forms one of the key powers that the SEC holds.

When it comes to the broker-dealer annual audit filing with SEC, the commitment to these requirements serves as a major aspect of SEC rulings.

Auditing financial statements of FTX is supervised under these regulations, considering the link 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. SEC also certifies external auditors, thereby enhancing quality checks in audited financial statements.

In explaining 'SEC' in the audit context, it represents the U.S. Securities and Exchange Commission, a regulatory body that oversees 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 here weight in the finance industry."

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