Source: https://law.justia.com/codes/us/2015/title-15/chapter-98/subchapter-i/sec.-7220/
Timestamp: 2019-09-21 01:04:17
Document Index: 764793810

Matched Legal Cases: ['§ 7220', '§110', '§982', '§ 7220', '§7220', '§110', '§982']

15 U.S.C. § 7220 (2015) - Definitions :: Title 15 - Commerce and Trade (Sections 1 - 8405) - US Code :: Justia
Justia US Law US Codes and Statutes US Code 2015 US Code Title 15 - Commerce and Trade (Sections 1 - 8405) Chapter 98 - Public Company Accounting Reform and Corporate Responsibility (Sections 7201 - 7266) Subchapter I - Public Company Accounting Oversight Board (Sections 7211 - 7220) Sec. 7220 - Definitions
Sec. 7220 - Definitions
SUBCHAPTER I - PUBLIC COMPANY ACCOUNTING OVERSIGHT BOARD
Contains section 7220
Source Credit Pub. L. 107-204, title I, §110, as added Pub. L. 111-203, title IX, §982(a)(1), July 21, 2010, 124 Stat. 1927.
Statutes at Large References 116 Stat. 771
124 Stat. 1927
Public and Private Laws Public Law 107-204, Public Law 111-203
15 U.S.C. § 7220 (2015)
§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
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.
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
(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.)
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.