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CORPORATIONS ACT 2001

CHAPTER 2M - FINANCIAL REPORTS AND AUDIT  

PART 2M.6 - EXEMPTIONS AND MODIFICATIONS  

SECTION 342AB  EXEMPTION ORDERS - CLASS ORDERS FOR NON-AUDITOR MEMBERS ETC.  

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


ASIC may make an order in writing in respect of a specified class of audit firms or audit companies, relieving any of the following from all or specified requirements of Division 3 of Part 2M.4 (auditor independence):


(a) members of firms who are not registered company auditors;


(b) persons who have ceased to be:


(i) members of audit firms; or

(ii) directors of audit companies; or

(iii) professional employees of audit companies.

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

342AB(2)  [Conditions or order]  


The order may:


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


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

342AB(3)  [Order not a legislative instrument]  


An order under subsection (1) is a legislative instrument.


 



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