Commonwealth Consolidated Acts

AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION ACT 2001 - SECT 50C

  (1)   At any time after the end of the 6 month period, ASIC may prepare an audit deficiency report if ASIC is satisfied that the Australian auditor has not taken appropriate remedial action to remedy the identified audit deficiency.

  (2)   The report must set out:

  (a)   the identified audit deficiency; and

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

  (c)   if the auditor has taken remedial action to remedy the deficiency--details of the remedial action; and

  (d)   if the auditor has not taken any remedial action--that fact; and

  (e)   such other matters in relation to the deficiency as ASIC thinks fit.

  (3)   Before preparing the report, ASIC must take into account:

  (a)   any submissions received from the auditor in response to an invitation under paragraph   50B(2)(b); and

  (b)   whether or not the auditor has taken any remedial action to remedy the deficiency.

  (4)   The report is not a legislative instrument.