TechFlow news on August 27: SBF, founder of cryptocurrency exchange FTX, tweeted that both FTX and FTX.US have passed US GAAP audits and plan to continue with ongoing audits.
GAAP stands for Generally Accepted Accounting Principles. Each country has its own auditing standards. US GAAP is the set of accounting standards used by U.S. public companies when preparing accounting entries and financial statements, established by the Financial Accounting Standards Board (FASB), the American Institute of Certified Public Accountants (AICPA), and the Securities and Exchange Commission (SEC).
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