(1) 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.
(2) The order may:
(a) be expressed to be subject to conditions; and
(b) be indefinite or limited to a specified period.
(3) The application must be:
(a) in writing and signed by the applicant; and
(b) lodged with ASIC.
(4) ASIC must give the applicant written notice of the making, revocation or suspension of the order.
(5) An order under subsection (1) is not a legislative instrument.