[(1) The Secretary of State may enter into arrangements with a third country competent authority relating to the transfer of [audit working papers and investigation reports]—
(a) from the third country competent authority or a third country auditor regulated by that authority to the Secretary of State, and
(b) from the Secretary of State or a statutory auditor to the third country competent authority.
(2) The arrangements must provide that a request by the Secretary of State or the third country competent authority for a transfer mentioned in subsection (1) must be accompanied by a statement explaining the reasons for the request.
(3) The arrangements must—
(a) provide that the Secretary of State may not use [audit working papers and investigation reports] obtained from the third country competent authority or a third country auditor regulated by that authority except in connection with one or more of the functions mentioned in subsection (4), and
(b) include comparable provision in relation to [a
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