Section 13

in the shoulder note, by substituting for the words

“registration and renewal of registration” the words “registration, renewal of registration and recognition”;

by substituting for subsection (1) the following subsection:

“(1)  For the purposes of this Act, an application for—

registration or renewal of registration as a registered auditor; or

recognition as a recognised auditor, shall be made to the Audit Oversight Board.”;

by substituting for subsection (3) the following subsection:

“(3)  Subject to section 31p, the Audit Oversight

Board may—

approve or refuse the registration of an applicant as a registered auditor or the renewal of registration of a registered auditor; or

approve or refuse the grant of recognition of an applicant as a recognised auditor.”;

by substituting for subsection (4) the following subsection:

“(4)  The Audit Oversight Board may, upon the—

registration of an applicant as a registered auditor;

Securities Commission (Amendment)

renewal of registration of a registered auditor;

or

grant of recognition of an applicant as a recognised auditor, impose such conditions as it deems necessary or expedient and from time to time amend any such conditions or impose new or additional conditions.”; and

in subsection (5), by substituting for the words “of the registration or renewal of registration,” the words

“imposed under subsection (4),”.

Amendment of section 31p