The US Federal Trade Commission has said that it is looking to agree on a settlement with social networking giant, Facebook.

The FTC was probing how Facebook exposed user data with others without taking permission from the users. The social networking giant has said that it will submit audits of its privacy practices every alternative year to the government for the next two decades.

Facebook has also said that it will ask explicit approval from users before the company changes types of content that is made public or private. FTC had announced a settlement with Facebook in November. The final approval for the settlement was given by the FTC on Friday after a public comment period.

Facebook has not admitted to doing anything wrong in its settlement with the authority but CEO Mark Zuckerberg had admitted to several "high-profile mistakes" on privacy over the years. The US FTC, which was looking into the allegations of privacy breach by Facebook, had accused the social networking giant of engaging in "unfair and deceptive" practices and has subjected the company to privacy audits for the next twenty years.

The settlement asks Facebook to respect the privacy of its users and enforces privacy audits for the next two decades on the company. The settlement is linked mainly to the changes made by Facebook in the way it uses user details saved on the site in December 2009.