### Question
How does INVESTMENT COMPANIES AND ADVISERS define internal compliance and audit record?


### Answer
Under *15 U.S.C. § 80a*, **internal compliance and audit record** is defined as:

> any record prepared by a subject person in accordance with internal compliance policies and procedures

#### Citation:
  - *15 U.S.C. § 80a*
  - Heading: **CHAPTER 2D-INVESTMENT COMPANIES AND ADVISERS > SUBCHAPTER I-INVESTMENT COMPANIES**

