---
kind: "section"
citation: "15 U.S.C. § 7220"
title: "15"
title_heading: "Commerce and Trade"
number: "7220"
heading: "Definitions"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/15/7220"
units:
  - "Chapter 98 — Public Company Accounting Reform and Corporate Responsibility"
  - "Subchapter I — Public Company Accounting Oversight Board"
---

# §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](/usc/15/7201.md?p=7), [broker](#3), or [dealer](#4) by an independent [public accounting firm](/usc/15/7201.md?p=11) in accordance with the [rules of the Board](/usc/15/7201.md?p=13) or the [Commission](/usc/15/7201.md?p=6), for the purpose of expressing an opinion on the financial statements or providing an [audit report](#2).
- (2) **Audit report—** The term “audit report” means a document, report, notice, or other record—
  - (A) prepared following an [audit](#1) performed for purposes of compliance by an [issuer](/usc/15/7201.md?p=7), [broker](#3), or [dealer](#4) with the requirements of the [securities laws](/usc/15/7201.md?p=15); and
  - (B) in which a [public accounting firm](/usc/15/7201.md?p=11) 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](/usc/15/78c.md?p=a-4)) that is required to file a balance sheet, income statement, or other financial statement under [section 78q(e)(1)(A) of this title](/usc/15/78q.md?p=e-1-A), where such balance sheet, income statement, or financial statement is required to be certified by a [registered public accounting firm](/usc/15/7201.md?p=12).
- (4) **Dealer—** The term “dealer” means a dealer (as such term is defined in [section 78c(a)(5) of this title](/usc/15/78c.md?p=a-5)) that is required to file a balance sheet, income statement, or other financial statement under [section 78q(e)(1)(A) of this title](/usc/15/78q.md?p=e-1-A), where such balance sheet, income statement, or financial statement is required to be certified by a [registered public accounting firm](/usc/15/7201.md?p=12).
- (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](/usc/15/77s.md?p=b), as amended by this Act, or prescribed by the [Commission](/usc/15/7201.md?p=6) under [section 77s(a) of this title](/usc/15/77s.md?p=a) or [section 78m(b) of this title](/usc/15/78m.md?p=b); and
    - (ii) relevant to [audit reports](#2) for particular [issuers](/usc/15/7201.md?p=7), [brokers](#3), or [dealers](#4), or dealt with in the quality control system of a particular [registered public accounting firm](/usc/15/7201.md?p=12); 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](/usc/15/7201.md?p=5) or the [Commission](/usc/15/7201.md?p=6) determines—
    - (i) relate to the preparation or issuance of [audit reports](#2) for [issuers](/usc/15/7201.md?p=7), [brokers](#3), or [dealers](#4); and
    - (ii) are established or adopted by the [Board](/usc/15/7201.md?p=5) under [section 7213(a) of this title](/usc/15/7213.md?p=a), or are promulgated as rules of the [Commission](/usc/15/7201.md?p=6).
- (6) **Self-regulatory organization—** The term “self-regulatory organization” has the same meaning as in [section 78c(a) of this title](/usc/15/78c.md?p=a).

## 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.)

## Notes

### Editorial Notes

### 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.

### Statutory Notes and Related Subsidiaries

### 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.