12 CFR § 1274.1 - Definitions.
---
identifier: "/us/cfr/t12/s1274.1"
source: "ecfr"
legal_status: "authoritative_unofficial"
title: "12 CFR § 1274.1 - Definitions."
title_number: 12
title_name: "Banks and Banking"
section_number: "1274.1"
section_name: "Definitions."
chapter_name: "FEDERAL HOUSING FINANCE AGENCY"
subchapter_number: "D"
subchapter_name: "FEDERAL HOME LOAN BANKS"
part_number: "1274"
part_name: "FINANCIAL STATEMENTS OF THE BANKS"
positive_law: false
currency: "2026-04-05"
last_updated: "2026-04-05"
format_version: "1.1.0"
generator: "[email protected]"
authority: "12 U.S.C. 1426, 1431, 4511(b), 4513, 4526(a)."
regulatory_source: "75 FR 23166, May 3, 2010, unless otherwise noted."
cfr_part: "1274"
---
# 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.
[75 FR 23166, May 3, 2010, as amended at 78 FR 2328, Jan. 11, 2013; 81 FR 76300, Nov. 2, 2016]