15-U.S.C.-7220
§7220 – Definitions
Pathway
Title 15 > Chapter 98 > Subchapter I > Section 7220
Details
- Reference: Section 7220
- Legend: §7220 – Definitions
- USCode Year: 2013
Provision Content
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
The term broker means a broker (as such term is defined in section 78c(a)(4) of this title) that is required to file a balance sheet, income statement, or other financial statement under section 78q(e)(1)(A) of this title, where such balance sheet, income statement, or financial statement is required to be certified by a registered public accounting firm.
(4) Dealer
The term dealer means a dealer (as such term is defined in section 78c(a)(5) of this title) that is required to file a balance sheet, income statement, or other financial statement under section 78q(e)(1)(A) of this title, 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) 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
The term self-regulatory organization has the same meaning as in section 78c(a) of this title.
(Pub. L. 107–204, title I, §110, as added Pub. L. 111–203, title IX, §982(a)(1), July 21, 2010, 124 Stat. 1927.)
References in Text
Section 77s(b) of this title, as amended by this Act, referred to in par. (5)(A)(i), means section 77s(b) of this title, as amended by Pub. L. 107–204.
Title II, referred to in par. (5)(B), means title II of Pub. L. 107–204, July 30, 2002, 116 Stat. 771, which enacted subchapter II of this chapter and amended sections 78c, 78j–1, 78l and 78q of this title. For complete classification of title II to the Code, see Tables.
Effective Date
Section effective 1 day after July 21, 2010, except as otherwise provided, see section 4 of Pub. L. 111–203, set out as a note under section 5301 of Title 12, Banks and Banking.
U.S. Encyclopedia of Law Coverage
15-U.S.C.-7104 in the Legal Encyclopedia: Trade Law
In this entry about 15-U.S.C.-7104, find legal reference material, bibliographies and premiere content related to trade law in the American Encyclopedia of Law, presenting a comprehensive view of the United States trade law-specific issues, written by authorities in the field.
15-U.S.C.-7202 in the Legal Encyclopedia: Accounting
In this entry about 15-U.S.C.-7202, find legal reference material, bibliographies and premiere content related to accounting in the American Encyclopedia of Law, presenting a comprehensive view of the United States accounting-specific issues, written by authorities in the field.
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