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15 U.S. Code § 7201. Definitions
Except as otherwise specifically provided in this Act, in this Act, the following definitions shall apply:(1) Appropriate State regulatory authority
The term “appropriate State regulatory authority” means the State agency or other authority responsible for the licensure or other regulation of the practice of accounting in the State or States having jurisdiction over a registered public accounting firm or associated person thereof, with respect to the matter in question.
(2) Audit
The term “audit” means an examination of the financial statements of any issuer by an independent public accounting firm in accordance with the rules of the Board or the Commission (or, for the period preceding the adoption of applicable rules of the Board under section 7213 of this title, in accordance with then-applicable generally accepted auditing and related standards for such purposes), for the purpose of expressing an opinion on such statements.
(3) Audit committeeThe term “audit committee” means—
(A)
a committee (or equivalent body) established by and amongst the board of directors of an issuer for the purpose of overseeing the accounting and financial reporting processes of the issuer and audits of the financial statements of the issuer; and
(B)
if no such committee exists with respect to an issuer, the entire board of directors of the issuer.
(4) Audit reportThe term “audit report” means a document or other record—
(A)
prepared following an audit performed for purposes of compliance by an issuer 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, or other document; or
(ii)
asserts that no such opinion can be expressed.