Commonwealth Consolidated Regulations Commonwealth Consolidated Regulations(1) This regulation applies to an application for an exemption mentioned in:
(a) subregulation 6.47(4); or
(b) subregulation 6.54(2); or
(c) subregulation 6.59(5).
(2) The application must be in writing and must contain the following information:
(a) the name of the audit team leader;
(b) the name of the audit team member in respect of whom the application is being made;
(c) details of the Part 6 audit in respect of which the exemption is sought;
(d) the reasons for which the exemption is sought;
(e) if the application is for an exemption under subregulation 6.47(4) or 6.54(2)--details of procedures the audit team leader proposes to put in place for managing the conflict of interest or circumstances.
(3) The Regulator may, in writing, grant the audit team leader the exemption if the Regulator is satisfied about the following:
(a) that the non - participation in the audit of the person in respect of whom the exemption is sought would place an unreasonable burden on the audited body, the audit team leader or the Regulator;
(b) if the application is for an exemption under subregulation 6.47(4) or 6.54(2)--that the audit team leader has put in place procedures for managing the conflict of interest or circumstances so that the Regulator is satisfied that the findings of the audit will not be affected by the conflict or circumstances.
(4) If the Regulator decides to refuse an application, the Regulator must give the applicant notice of, and reasons for, the decision.