'A Complete Failure of Corporate Controls': What Investors and Accountants Missed in FTX’s Audits

‘A Complete Failure of Corporate Controls’: What Investors and Accountants Missed in FTX’s Audits


For the years ended December 31, 2021 and 2020, FTX Trading Ltd., which is the primary revenue-generating entity, did not incur any income taxes. The company’s subsidiaries in the Bahamas, the U.S., Switzerland, Australia, Turkey, Gibraltar, and Singapore (2020: the U.S.) are subject to taxation in such jurisdictions as determined in accordance with relevant tax legislation, further discussed in Note 14 to these consolidated financial statements.

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