173. Detected error
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(1) A director or an officer of a company shall notify the audit committee and the auditor of any error or mis-statement of which he or she becomes aware in a financial statement that the auditor or a former auditor of the company has reported upon.
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(2) When the auditor or a former auditor of a company is notified or becomes aware of an error or mis-statement in a financial statement upon which he or she has reported to the company and in his or her opinion, the error or mis-statement is material, he or she shall inform each director of the company accordingly.
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(3) When under subsection (2) the auditor or a former auditor of a company informs the directors of an error or mis-statement in a financial statement of the company, the directors shall—
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(a) prepare and issue revised financial statements; or
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(b) otherwise inform the shareholders of the error or misstatement,
and, if the company is one that is required to comply with section 154, inform the Registrar of the error or mis-statement in the same manner as the directors inform the shareholders of the error or mis-statement.