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.  

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.