342AB

Exemption orders—class orders for non‑auditor members etc

In force

(1)

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.

(2)

The order may:

(a)

be expressed to be subject to conditions; and

(b)

be indefinite or limited to a specified period.

(3)

An order under subsection (1) is a legislative instrument.

This Act’s bill:Explanatory memorandum Second reading speech

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