Audit Report Law and Legal Definition

According to 15 USCS § 7201 (4), [Title 15. Commerce and Trade; Chapter 98. Public Company Accounting Reform and Corporate Responsibility] the 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.”