15 USC 7220 - Definitions

U.S Code last checked for updates: May 04, 2024

§ 7220.

Definitions

For the purposes of this subchapter, the following definitions shall apply:

(1)

Audit

(2)

Audit report

The term “audit report” means a document, report, notice, or other record—

(A)

prepared following an audit performed for purposes of compliance by an issuer, broker, or dealer with the requirements of the securities laws; and

(B)

in which a public accounting firm either—

(i)

sets forth the opinion of that firm regarding a financial statement, report, notice, or other document, procedures, or controls; or

(ii)

asserts that no such opinion can be expressed.

(3)

Broker

(4)

Dealer

(5)

Professional standards

The term “professional standards” means—

(A)

accounting principles that are—

(i)

established by the standard setting body described in section 77s(b) of this title, as amended by this Act, or prescribed by the Commission under section 77s(a) of this title or section 78m(b) of this title; and

(ii)

relevant to audit reports for particular issuers, brokers, or dealers, or dealt with in the quality control system of a particular registered public accounting firm; and

(B)

auditing standards, standards for attestation engagements, quality control policies and procedures, ethical and competency standards, and independence standards (including rules implementing title II) that the Board or the Commission determines—

(i)

relate to the preparation or issuance of audit reports for issuers, brokers, or dealers; and

(ii)

are established or adopted by the Board under section 7213(a) of this title, or are promulgated as rules of the Commission.

(6)

Self-regulatory organization

(Pub. L. 107–204, title I, § 110, as added Pub. L. 111–203, title IX, § 982(a)(1), July 21, 2010, 124 Stat. 1927.)

cite as: 15 USC 7220