15 U.S.C. § 7220 | Definitions

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

(1)

Audit

The term “audit” means an examination of the financial statements, reports, documents, procedures, controls, or notices of any issuer, broker, or dealer by an independent public accounting firm in accordance with the rules of the Board or the Commission, for the purpose of expressing an opinion on the financial statements or providing an audit report.

(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

section 78c(a)(4) of this title section 78q(e)(1)(A) of this titleThe term “broker” means a broker (as such term is defined in ) that is required to file a balance sheet, income statement, or other financial statement under , where such balance sheet, income statement, or financial statement is required to be certified by a registered public accounting firm.

(4)

Dealer

section 78c(a)(5) of this title section 78q(e)(1)(A) of this titleThe term “dealer” means a dealer (as such term is defined in ) that is required to file a balance sheet, income statement, or other financial statement under , where such balance sheet, income statement, or financial statement is required to be certified by a registered public accounting firm.

(5)

Professional standards

The term “professional standards” means—

(A)

accounting principles that are—

(i)

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

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

(6)

Self-regulatory organization

section 78c(a) of this titleThe term “self-regulatory organization” has the same meaning as in .

Pub. L. 107–204, title I, § 110 Pub. L. 111–203, title IX, § 982(a)(1)July 21, 2010124 Stat. 1927(, as added , , .)

Editorial Notes

References in Text

Section 77s(b) of this title section 77s(b) of this title Pub. L. 107–204, as amended by this Act, referred to in par. (5)(A)(i), means , as amended by .

Pub. L. 107–204July 30, 2002116 Stat. 771lTitle II, referred to in par. (5)(B), means title II of , , , which enacted subchapter II of this chapter and amended sections 78c, 78j–1, 78 and 78q of this title. For complete classification of title II to the Code, see Tables.

Statutory Notes and Related Subsidiaries

Effective Date

July 21, 2010section 4 of Pub. L. 111–203 section 5301 of Title 12Section effective 1 day after , except as otherwise provided, see , set out as a note under , Banks and Banking.