Part 42U.K.Statutory Auditors

Modifications etc. (not altering text)

C3Pt. 42: functions transferred in part (6.4.2008 in accordance with art. 1 of the amending S.I.) by The Statutory Auditors (Delegation of Functions etc) Order 2008 (S.I. 2008/496), art. 4 (which amending S.I. was revoked (2.7.2012) by S.I. 2012/1741, art. 6)

Chapter 6U.K.Supplementary and general

[F1Transfer of papers to third countriesU.K.

Textual Amendments

F1Ss. 1253D-1253F and cross-heading inserted (6.4.2008) by The Statutory Auditors and Third Country Auditors Regulations 2007 (S.I. 2007/3494), reg. 15(1) (with reg. 15(2) (as amended by S.I. 2008/499), reg. 2(4)))

[F21253DD Agreement of [F3third country competent authority] U.K.

(1)This section applies where—

(a)an approved third country competent authority makes a request to the Secretary of State for the transfer of [F4audit working papers and investigation reports] which relate to the audit of the consolidated accounts of a group, and

(b)the [F4audit working papers and investigation reports] that are the subject of the request—

(i) have been created by the auditor of a subsidiary that is located in [F5an equivalent third country or transitional third country] in relation to the audit of that subsidiary, and

(ii)are in the possession of a statutory auditor.

(2) In the case of a transfer by the Secretary of State under section 1253DA, the transfer must not take place unless the [F6third country competent authority] responsible for the auditor of the subsidiary has given its express agreement to the transfer.

(3) In the case of a transfer by a statutory auditor under section 1253DB, the Secretary of State must not approve the transfer unless the [F7third country competent authority] responsible for the auditor of the subsidiary has given its express agreement to the transfer.]]

Textual Amendments