Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Where the Board decides to exercise any of its powers under section 1292 in relation to a person, or decides that it is required to make an order under subsection 1292(7) in relation to a person, the Board must, within 14 days after the decision:
(a) give to the person a notice in writing setting out the decision and the reasons for it; and
(b) lodge a copy of the notice referred to in paragraph (a); and
(c) cause to be published in the Gazette a notice in writing setting out the decision.
(1A) If:
(a) the Board decides to exercise the power, or makes the order, on the basis of particular conduct engaged in by the person; and
(b) the person engaged in that conduct in the course of participating in the conduct of an audit on behalf of an audit firm or audit company;
the notice under paragraph (1)(c) may identify the audit firm or audit company.
(1B) If the Board:
(a) decides to exercise any of its powers under section 1292 in relation to a person; or
(b) decides that it is required to make an order under subsection 1292(7) in relation to a person;
then, in addition to meeting the requirements of subsection (1), the Board may take such steps as it considers reasonable and appropriate to publicise:
(c) the decision; and
(d) the reasons for the decision.
Without limiting this, the Board may make the decision and reasons available on the internet.
(1C) If:
(a) the Board decides to exercise the power under section 1292, or makes the order under subsection 1292(7), on the basis of particular conduct engaged in by the person; and
(b) the person engaged in that conduct in the course of participating in the conduct of an audit on behalf of an audit firm or audit company;
a publication under subsection (1B) may identify the audit firm or audit company.
(2) Where the Board decides to refuse to exercise its powers under section 1292 in relation to a person, or decides that it is not required to make an order under subsection 1292(7) in relation to a person, the Board must, within 14 days after the decision:
(a) give to the person a notice in writing setting out the decision and the reasons for it; and
(b) lodge a copy of the notice referred to in paragraph (a).
(3) The validity of a decision of the Board is not affected by failure of the Board to comply with subsection (1) or (2), as the case requires, in relation to the decision.