---
kind: "section"
citation: "12 C.F.R. § 1274.1"
title: "12"
number: "1274.1"
heading: "Definitions."
url: "https://uscodex.org/cfr/12/1274.1"
---

# §1274.1. Definitions.


For purposes of this part:

Audit means an examination of the financial statements by an independent accountant in accordance with generally accepted auditing standards for the purpose of expressing an opinion thereon.

Audit report means a document in which an independent accountant indicates the scope the audit made and sets forth an opinion regarding the financial statement taken as a whole, or an assertion to the effect that an overall opinion cannot be expressed. When an overall opinion cannot be expressed, the reasons therefor shall be stated.


## Notes

### Amendments

[75 FR 23166, May 3, 2010, as amended at 78 FR 2328, Jan. 11, 2013; 81 FR 76300, Nov. 2, 2016]

### Authority

Authority: 12 U.S.C. 1426, 1431, 4511(b), 4513, 4526(a).

### Source

Source: 75 FR 23166, May 3, 2010, unless otherwise noted.

### Amendments

[75 FR 23166, May 3, 2010, as amended at 78 FR 2328, Jan. 11, 2013; 81 FR 76300, Nov. 2, 2016]