12 CFR 19.242 – Definitions
Current as of: 2024 | Check for updates
|
Other versions
As used in this subpart, the following terms have the meaning given below unless the context requires otherwise:
Terms Used In 12 CFR 19.242
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
(a) Accounting firm means a corporation, proprietorship, partnership, or other business firm providing audit services.
(b) Audit services means any service required to be performed by an independent public accountant by section 36 of the FDIA (12 U.S.C. § 1831m) and 12 CFR part 363, including attestation services.
(c) Independent public accountant (accountant) means any individual who performs or participates in providing audit services.