Securities Commission Act 1993 · Updated to 1 Mar 2016 · Part III · Finance
31V. Inspection
Feedback & supportThe Audit Oversight Board shall, from time to time, conduct inspections to asses—
Audit Oversight Board
“Audit Oversight Board” means the Audit Oversight Board established under section 31C;
the degree of compliance with the auditing and ethical standards by an auditor; and
the sufficiency and appropriateness of the audit evidence obtained in relation to the audit report prepared by an auditor relating to the audited financial statements of public interest entities or schedule funds.
The inspections uder subsection (1) shall be carried out by any officers of the Audit Oversight Board or any person authorised by the Audit Oversight Board who is referred to as an “Inspection
Officer” in this Division.
officer
“officer”, in relation to— (a) the Commission, means any officer employed under section 20 and includes an Investigating Officer of the Commission appointed under section 125; and (b) a corporation, has the meaning assigned to it in the Companies Act 1965;
The auditor, its partners and employees shall cooperate with an Inspection Officer, conducting an inspection under this section, in the following matters:
providing access to all books, accounts, working paper or other related documents;
furnishing copies of or extract from such books, accounts, working papers or other related documents;
and
providing information by oral interview, in writing or in any other manner as may be determined or required by an Inspection Officer.
At the conclusion of the inspection made under this section, the Inspection Officer shall prepare a draft inspection
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report and a copy of that draft report shall be extended to the auditor concerned.
The Audit Oversight Board shall forthwith discuss the findings of the inspection report with the auditor concerned and after taking into account the representations made by the auditor, the
Inspection Officer shall finalise the draft inspection report.
Notwithstanding section 31z, the Audit Oversight Board may direct the auditor to take any remedial measure to rectify matters raised in the inspection report.
The auditor concerned shall, immediately, report to the Audit
Oversight Board all remedial measures which have been or are being taken relating to any findings raised in the inspection report.
The Audit Oversight Board may publish the inspection report referred to in subsection (5) if the auditor fails to take the relevant remedial measures under subsection (6).