### Question
What does qualified independent auditor mean?


### Answer
**Qualified independent auditor** has the following meaning in *15 U.S.C. § 697e*:

> any auditor who—


(i) is compensated by the qualified high loss reserve PCL

#### Citation:
  - *15 U.S.C. § 697e*
  - Heading: **CHAPTER 14B-SMALL BUSINESS INVESTMENT PROGRAM > SUBCHAPTER V-LOANS TO STATE AND LOCAL DEVELOPMENT COMPANIES**

