Commonwealth Consolidated Acts

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Exemption orders--class orders for non-auditor members etc.

             (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.

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