Corporations Act 2001

CHAPTER 2M - FINANCIAL REPORTS, SUSTAINABILITY 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  

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.