319Exemptions—non-auditor members and former members of audit firms, and former employees of audit companies

319 Exemptions—non-auditor members and former members of audit firms, and former employees of audit companies

319 Exemptions—non-auditor members and former members of audit firms, and former employees of audit companies

(cf Corporations Act s 342AA)

(1) On an application made in accordance with subsection (4) by any of the following, the Registrar may, by designated instrument, exempt the applicant from all or specified requirements of the target provisions referred to in subsection (2)—

(a) a member of the firm who is not a registered company auditor;

(b) a person who has ceased to be—

(i) a member of an audit firm; or

(ii) a director of an audit company; or

(iii) a professional employee of an audit company.

Note—

For the criteria for granting exemptions under this section, see section 321.

(2) The target provisions are the provisions of Division 3 of Part 2M.4 of the Corporations Act (as applying under Division 12 of this Part).

Note—

The target provisions correspond to the provisions of the Corporations Act referred to in section 342AA of that Act.

(3) The exemption may—

(a) be expressed to be subject to conditions; and

(b) be indefinite or limited to a specified period; and

(c) if indefinite, be expressed to commence on a specified date.

(4) The application must be—

(a) in writing and signed by the applicant; and

(b) lodged with the Registrar.

(5) The Registrar must give the applicant written notice of the granting, revocation or suspension of the exemption.