318Exemptions – criteria for exemptions for individual

318 Exemptions – criteria for exemptions for individual co-operatives or classes of co-operatives (cf Corporations Act s 342) (1) To grant an exemption under section 316 or 317, the Registrar must be satisfied that complying with the relevant requirements of the target provisions would: (a) make the financial report or other reports misleading; or (b) be inappropriate in the circumstances; or (c) impose unreasonable burdens. (2) In deciding for the purposes of subsection (1) whether the audit requirements for a small co-operative, or a class of small co-operatives, would impose an unreasonable burden on the co-operative or co-operatives, the Registrar is to have regard to: (a) the expected costs of complying with the audit requirements; and (b) the expected benefits of having the co-operative or co-operatives comply with the audit requirements; and (c) any practical difficulties that the co-operative or co-operatives face in complying effectively with the audit requirements (in particular, any difficulties that arise because a financial year is the first one for which the audit requirements apply or because the co-operative or co-operatives are likely to move frequently between the small and large co-operative categories from one financial year to another); and (d) any unusual aspects of the operation of the co-operative or co-operatives during the financial year concerned; and (e) any other matters that the Registrar considers relevant. (3) In assessing expected benefits under subsection (2), the Registrar is to take account of: (a) the number of creditors and potential creditors; and (b) the position of creditors and potential creditors (in particular, their ability to independently obtain financial information about the co-operative or co-operatives); and (c) the nature and extent of the liabilities of the co-operative or

Co-operatives (National Uniform Legislation) Act 2015 207 319 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. (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.