(1) A director or an officer of a society shall notify the society's auditor of any error or misstatement of which the director or officer becomes aware in a financial statement that the auditor or former auditor has reported upon.
(2) When the auditor or a former auditor of a society is notified or becomes aware of an error or misstatement in a financial statement upon which he or she has reported to the society and in his or her opinion, the error or misstatement is material, he or she shall inform each director of the society accordingly.
(3) When under subsection (2) the auditor or a former auditor of a society informs the directors of an error or misstatement in a financial statement of the society, the directors shall—
(a) prepare and issue revised financial statements; or
(b) otherwise inform the members and the Registrar of the error or misstatement.