Corporations Act 2001
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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