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

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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.

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