CORPORATIONS ACT 2001 - SECT 342AB Exemption orders--class orders for non - auditor members etc.

CORPORATIONS ACT 2001 - SECT 342AB

  (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.