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ASIC Corporations (Auditor Independence) Instrument 2021/75

About this compilation

Compilation No. 2

This is a compilation of ASIC Corporations (Auditor Independence) Instrument 2021/75 as in force on 23 March 2024. It includes any commenced amendment affecting the legislative instrument to that date.

This compilation was prepared by the Australian Securities and Investments Commission.

The notes at the end of this compilation (the endnotes) include information
about amending instruments and the amendment history of each amended provision.

Contents

Part 1—Preliminary
1 Name of legislative instrument
3 Authority
4 Definitions
Part 2—Order
5 Auditor's independence declaration
Part 3—Repeal
6 Repeal
Endnotes
Endnote 1—Instrument history
Endnote 2—Amendment history

Part 1—Preliminary

1 Name of legislative instrument
This is the ASIC Corporations (Auditor Independence) Instrument 2021/75.

3 Authority
This instrument is made under subsection 341(1) of the Corporations Act 2001.

4 Definitions

In this instrument:

Act means the Corporations Act 2001.

       audit engagement team, in relation to an audit or review of a financial report of a relevant entity for a relevant period, means the persons performing work on the audit or review of the financial report of the relevant entity for the relevant period.

       Code means the APES 110 Code of Ethics for Professional Accountants (including Independence Standards) as in force as at the date of this instrument.

       control has the same meaning as in accounting standard AASB 10 Consolidated financial statements.

       controlled entity, in relation to a relevant entity for a relevant period, means an entity controlled by the relevant entity during or since the relevant period.

       engagement partner has the meaning given by the Code.

       financial interest means:

           (a) a 'direct financial interest' within the meaning of the Code; or

           (b) an 'indirect financial interest' within the meaning of the Code and which is material.

       relevant entity means a company, registered scheme, registrable superannuation entity or disclosing entity.

       relevant period means a financial year or half-year of a relevant entity.

       relevant person means a person specified in paragraph R510.4(c) of the Code.

       Part 2—Order

5 Auditor's independence declaration
(1) This section applies in relation to an audit or review conducted by an audit firm or audit company of the financial report of a relevant entity for a relevant period.
(2) The lead auditor for the audit is relieved from the requirement to set out in a written declaration under paragraph 307C(3)(d) of the Act details of a contravention of paragraph R510.4(c) of the Code in relation to a financial interest held by 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