FTX auditor Prager Metis faces SEC legal action over violations
SEC takes legal action against Prager Metis, auditor of bankrupt crypto exchange FTX. Prager Metis is accused of breaching auditor independence rules by adding indemnification provisions. Lack of transparency and ethical concerns raise questions about auditing practices in the cryptocurrency industry. The United States Securities and Exchange Commission (SEC) has taken legal action against Prager Metis, the audit or of the now-bankrupt cryptocurrency exchange FTX , alleging multiple breaches of audit or independence rules. The SEC has accused Prager Metis of failing to maintain the required independence while providing auditing services to its clients. This violation of auditor independence rules is a serious issue that can have significant repercussions in the financial industry. SEC charges against Prager Metis According to the SEC, Prager Metis added indemnification provisions to engagement letters for more than 200 audits, reviews, and exams con...