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CORPORATIONS ACT 2001

CHAPTER 2M - FINANCIAL REPORTS AND AUDIT  

PART 2M.6 - EXEMPTIONS AND MODIFICATIONS  

SECTION 342AA  EXEMPTION ORDERS - NON-AUDITOR MEMBERS AND FORMER MEMBERS OF AUDIT FIRMS; FORMER EMPLOYEES OF AUDIT COMPANIES  

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342AA(1)  [Modification of auditor independence requirements]  


On an application made in accordance with subsection (3) by any of the following, ASIC may make an order in writing relieving the applicant from all or specified requirements of Division 3 of Part 2M.4 (auditor independence):


(a) a member of the firm who is not a registered company auditor;


(b) a person who has ceased to be:


(i) a member of an audit firm; or

(ii) a director of an audit company; or

(iii) a professional employee of an audit company.

Note: For the criteria for making orders under this section, see section 342AC.

342AA(2)  [Conditions of order]  


The order may:


(a) be expressed to be subject to conditions; and


(b) be indefinite or limited to a specified period.

342AA(3)  [Application requirements]  


The application must be:


(a) in writing and signed by the applicant; and


(b) lodged with ASIC.

342AA(4)  [Notice]  


ASIC must give the applicant written notice of the making, revocation or suspension of the order.

342AA(5)  [Order not a legislative instrument]  


An order under subsection (1) is not a legislative instrument.


 



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