Commonwealth Consolidated Acts

AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION ACT 2001 - SECT 50B

  (1)   ASIC may, in writing, notify the Australian auditor of the identified audit deficiency.

  (2)   The notice must:

  (a)   set out:

  (i)   the identified audit deficiency; and

  (ii)   any remedial action that ASIC thinks necessary to remedy the deficiency; and

  (iii)   such other matters in relation to the deficiency as ASIC thinks fit; and

  (b)   invite the auditor to make written submissions to ASIC, within 6 months, about the deficiency and any remedial action taken, or proposed to be taken, to remedy the deficiency.