SCHEDULES
C2SCHEDULE 10Recognised supervisory bodies
Part 2Requirements for recognition of a supervisory body
F1Transfer for purposes of investigation of auditor
Sch. 10 paras. 16A-16AB and respective cross-headings substituted for Sch. 10 para. 16A and cross-heading (15.11.2010) by The Companies Act 2006 (Transfer of Audit Working Papers to Third Countries) Regulations 2010 (S.I. 2010/2537), regs. 1(2), 5
C116AB
1
The requirements of this paragraph are that—
a
the transfer to the third country competent authority is made for the purposes of an investigation of an auditor or audit firm, and
b
the following conditions are met.
2
The first condition is that the authority has requested the audit working papers for the purposes of an investigation which has been initiated by itself or another third country competent authority established in the same third country.
3
The second condition is that the audit working papers relate to audits of companies that—
a
have issued securities in that third country, or
b
form part of a group issuing statutory consolidated accounts in that third country.
4
The third condition is that, where the authority has made the request for the audit working papers directly to the statutory auditor, the authority has given the Secretary of State advance notice of the request, indicating the reasons for it.
5
The fourth condition is that the authority has entered into arrangements with the Secretary of State in accordance with section 1253E.
Sch. 10 applied (with modifications) (4.4.2014 for specified purposes, 16.12.2014 in so far as not already in force) by Local Audit and Accountability Act 2014 (c. 2), s. 49(1), Sch. 5 para. 28 (with Sch. 13 para. 11); S.I. 2014/900, art. 2(j); S.I. 2014/3319, art. 2(e)