Document ID: chunk:federal_register_of_legislation:F2024C00936:reg:16:p2
Version: federal_register_of_legislation:F2024C00936
Segment Type: reg
Provision Reference: reg 16 (pt 2/13)
Character Range: 181788–184428

made or given on the terms and conditions that would normally apply to a loan made or given by the audited body, the related body corporate or the controlled entity.

Loans by immediate family members in ordinary business dealing with client
 (4) For the purposes of item 14 of the table in subregulation 6.56(2), disregard a debt owed to a person by a body corporate or entity if:
 (a) the item applies to the person because the person is an immediate family member of:
 (i) a professional member of the audit team conducting the audit of the audited body; or
 (ii) a non‑audit services provider; and
 (b) the debt is incurred in the ordinary course of business of the body corporate or entity.
 (5) For the purposes of item 14 in the table in subregulation 6.56(2), disregard an amount owed under a loan to a person or firm by the audited body, a related body corporate or an entity that the audited body controls if:
 (a) the body, body corporate or entity is an Australian ADI; and
 (b) the amount is deposited in a basic deposit product (within the meaning of the Corporations Act 2001) provided by the body, body corporate or entity; and
 (c) the amount was deposited, in the ordinary course of business of the audited body, body corporate or entity, on the terms and conditions that would normally apply to a basic deposit product provided by the body, body corporate or entity.

Ordinary commercial guarantee exception
 (6) For the purposes of item 16 of the table in subregulation 6.56(2), disregard any guarantee that:
 (a) is made or given in the ordinary course of the business of:
 (i) the audited body; or
 (ii) the related body corporate; or
 (iii) the controlled entity; and
 (b) is made or given on the terms and conditions that would normally apply to a guarantee made or given by the audited body, the related body corporate or the controlled entity.

Subdivision 6.6.5—Other independence requirements

6.58  Audit team leader disqualified after working with audited body in certain cases
  A registered greenhouse and energy auditor must not be the audit team leader for a Part 6 audit at a particular time if, within 2 years prior to that time, the auditor has worked with the audited body:
 (a) to develop monitoring methodologies for greenhouse gas emissions or energy for the audited body; or
 (b) undertaking appraisals of greenhouse gas liabilities or assets of the audited body; or
 (c) to provide technical assistance to the audited body to develop monitoring methodologies for greenhouse gas emissions or energy for the audited body; or
 (d) to develop or appraise a project under the CFI Act.

6.59  Audit team