Elastic buffer banned by auditor (6,4)

I believe the answer is:

rubber band

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'elastic' is the definition.
(I know that elastic can be written as rubber band)

'buffer banned by auditor' is the wordplay.
'buffer' becomes 'rubber' (I've seen this before).
'banned by auditor' becomes 'band' (I am not sure about this - if you are sure you should believe this answer much more).
'rubber'+'band'='RUBBER BAND'

Can you help me to learn more?

(Other definitions for rubber band that I've seen before include "Elastic item" , "Office item" , "Elasticated loop" , "that should fit tightly" , "Some bridge players" .)

I've seen this clue in the Sydney Morning Herald.

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