Document ID: chunk:federal_register_of_legislation:F2024C00324:body:0:p2
Version: federal_register_of_legislation:F2024C00324
Segment Type: other
Provision Reference: 
Character Range: 2814–5256

a relevant person in the relevant entity or a controlled entity.
(3) The relief in subsection (2) applies where all of the following are satisfied:
           (a) the fair value of the financial interest has not exceeded $10,000 at any time during or since the relevant period;
           (b) the engagement partner is satisfied that the financial interest was not material to the relevant person;
           (c)  the relevant person has given a written confirmation to the lead auditor that the financial interest:
              (i) began to be held by the relevant person without the relevant person knowing that it was a financial interest in the relevant entity or a controlled entity; and
              (ii) was divested as soon as possible, and no later than 7 days, after the relevant person became aware that it was a financial interest in the relevant entity or a controlled entity;
           (d)  the lead auditor has given a written report to the directors of the relevant entity stating that the relevant person held the financial interest in contravention of paragraph R510.4(c) of the Code;
           (e)  the directors of the relevant entity have passed a resolution to the effect that the holding of the financial interest by the relevant person did not affect the independence and objectivity of the audit firm, lead auditor, review auditor or any member of the audit engagement team; and
           (f)  as at the time the lead auditor signs the auditor's independence declaration in accordance with paragraph 307C(5)(b) of the Act in relation to the relevant entity for the relevant period, the relevant person does not hold the financial interest.

       Part 3—Repeal

6 Repeal
    This instrument is repealed on 30 April 2029.

Endnotes

Endnote 1—Instrument history

Instrument number  Date of FRL registration      Date of commencement  Application, saving or transitional provisions
2021/75            6/5/2021 (see F2021L00549)    7/5/2021
2021/381           10/5/2021 (see F2021L00560)   11/5/2021             -
2024/187           21/03/2024 (see F2024L00363)  22/03/2024            -

Endnote 2—Amendment history
ad. = added or inserted     am. = amended     LA = Legislation Act 2003    rep. = repealed     rs. = repealed and substituted
Provision affected   How affected
Section 2            rep. s48D LA
Section 6            am. 2021/381
Section 4            am. 2024/187
Section 6            am. 2024/187