[(1) A statutory auditor may transfer [audit working papers and investigation reports] to an approved third country competent authority if the transfer is made—
(a) with the prior approval of the Secretary of State, and
(b) in accordance with rules of a recognised supervisory body meeting the requirements of paragraph 16AA of Schedule 10.
(2) The Secretary of State must not approve a transfer of [audit working papers and investigation reports] to an approved third country competent authority for the purposes of this section unless the following conditions are met
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