Notice of Restrictions. (1) A participating audit firm that is appointed to prepare an auditor’s report with respect to the financial statements of a reporting issuer must, if the CPAB imposes restrictions on the participating audit firm intended to address defects in its quality control systems, provide notice to the regulator. (2) The notice required under subsection (1) must be in writing and include a complete description of (a) the defects in the quality control systems identified by the CPAB, and (b) the restrictions imposed by the CPAB, including the date the restrictions were imposed and the time period within which the participating audit firm agreed to address the defects. (3) The notice required under subsection (1) must be delivered within 2 business days of the restrictions being imposed.
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Samples: National Instrument 52 108 Auditor Oversight, National Instrument 52 108 Auditor Oversight, Regulation 52 108
