38.1(1)Subject to this Act, the regulations and the decisions of the Commission, the Tribunal and the Executive Director, an auditor oversight body shall regulate the standards of practice and the business conduct of its members and participants.

38.1(2)For the purposes of subsection (1), an auditor oversight body is not required to regulate the standards of practice and the business conduct of its members or participants except to the extent that the regulation relates to the auditing or review of financial statements that are required to be filed under this Act or the regulations.

38.1(1)Subject to this Act, the regulations and the decisions of the Commission and the Executive Director, an auditor oversight body shall regulate the standards of practice and the business conduct of its members and participants.

38.1(2)For the purposes of subsection (1), an auditor oversight body is not required to regulate the standards of practice and the business conduct of its members or participants except to the extent that the regulation relates to the auditing or review of financial statements that are required to be filed under this Act or the regulations.