Commonwealth Consolidated Acts

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CORPORATIONS ACT 2001 - SECT 342AA

Exemption orders--non-auditor members and former members of audit firms; former employees of audit companies

             (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.



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