Section 342AB — Corporations Act 2001 (Cth)

(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.

Related sections

• s 341A — Exemption orders—class orders for notified foreign passport funds
• s 342 — Exemption orders—criteria for orders for companies, registered schemes, registrable superannuation entities, notified foreign passport funds and disclosing entities
• s 342AA — Exemption orders—non‑auditor members and former members of audit firms; former employees of audit companies
• s 342AC — Exemption orders—criteria for orders for non‑auditor members etc.
• s 342A — ASIC’s power to modify the operation of section 324DA
• s 342B — Auditor to notify company, registered scheme or registrable superannuation entity of section 342A declaration

Research how courts apply s 342AB

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