Exemptions—classes of non-auditor members etc

Current

(1)

The Registrar may, by designated instrument in respect of a specified class of audit firms or audit companies, exempt any of the following from all or specified requirements of the target provisions referred to in subsection (2)—

(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 granting exemptions under this section, see section 321.

(2)

The target provisions are the provisions of Division 3 of Part 2M.4 of the Corporations Act (as applying under Division 12 of this Part).

Note—

The target provisions correspond to the provisions of the Corporations Act referred to in section 342AB of that Act.

(3)

The exemption may—

(a)

be expressed to be subject to conditions; and

(b)

be indefinite or limited to a specified period; and

(c)

if indefinite, be expressed to commence on a specified date.

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320 Exemptions—classes of non-auditor members etc