Document ID: chunk:federal_register_of_legislation:C2008C00460:clause:1_342ab
Version: federal_register_of_legislation:C2008C00460
Segment Type: clause
Provision Reference: sch 1 cl 342AB
Character Range: 30579–31362

342AB  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.