[1253E Working arrangements for transfer of papers]
[1253E Working arrangements for transfer of papers]
Companies Act 2006 | Legislation

[(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 [audit working papers and investigation reports] obtained by the third country competent authority from the Secretary of State or a statutory auditor.

(4)     Those functions are—

(a)     quality assurance functions which meet requirements equivalent to those of Article 29 of the Audit Directive (quality assurance) [regulation 9 of the Statutory Auditors and Third Country Auditors Regulations 2016];