Section 342AB — Corporations Act 2001: 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.