Corporations Act 2001
CHAPTER 2M
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FINANCIAL REPORTS AND AUDIT
PART 2M.6
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EXEMPTIONS AND MODIFICATIONS
SECTION 342AA
EXEMPTION ORDERS
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NON-AUDITOR MEMBERS AND FORMER MEMBERS OF AUDIT FIRMS; FORMER EMPLOYEES OF AUDIT COMPANIES
342AA(1)
[
Modification of auditor independence requirements]
(a) a member of the firm who is not a registered company auditor;
(b) a person who has ceased to be:
(a) be expressed to be subject to conditions; and
(b) be indefinite or limited to a specified period. 342AA(3) [ Application requirements]
(a) in writing and signed by the applicant; and
(b) lodged with ASIC. 342AA(4) [ Notice]
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](a) be expressed to be subject to conditions; and
(b) be indefinite or limited to a specified period. 342AA(3) [ Application requirements]
(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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