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Australian Securities and Investments Commission Act 2001
50BNotice of audit deficiency
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50B Notice of audit deficiency
(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.