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.