Section 50

by substituting for the shoulder note the following shoulder note:

“Cooperation, coordination and sharing of information”;

by inserting after subsection (1) the following subsection:

“(1a)  In determining whether it is necessary to exercise its power under paragraph (1)(b), the

Commission shall have regard to—

whether the relevant authorities or relevant foreign authorities will pay to the Commission any costs and expenses incurred for providing the assistance; and

whether the relevant authorities or relevant foreign authorities will be able and willing to provide reciprocal assistance in response to a comparable request for assistance from the

Commission.”;

by substituting for paragraph (2)(b) the following paragraph:

“(b) 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.”; and

by inserting after subsection (2) the following subsection:

“(3)  The Audit Oversight Board may disclose and share any findings under Division 6 of this Part with any public interest entity or schedule fund if the Audit

Oversight Board considers that the sharing of such findings is pursuant to the functions of the Audit

Oversight Board under section 31b.”.

New Parts IIIb and IIIc