C4C1C2C3C5Part 42Statutory Auditors
Pt. 42 modified (6.4.2008) by The Statutory Auditors and Third Country Auditors Regulations 2007 (S.I. 2007/3494), reg. 43
Pt. 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S.I.) by The Statutory Auditors (Delegation of Functions etc) Order 2008 (S.I. 2008/496), art. 4 (which amending S.I. was revoked (2.7.2012) by S.I. 2012/1741, art. 6)
Pt. 42 applied (with modifications) (15.8.2008) by The Insurance Accounts Directive (Lloyd's Syndicate and Aggregate Accounts) Regulations 2008 (S.I. 2008/1950), reg. 6(5)
Pt. 42: functions transferred in part (2.7.2012) by The Statutory Auditors (Amendment of Companies Act 2006 and Delegation of Functions etc) Order 2012 (S.I. 2012/1741), arts. 1(2), 7, 8, 9 (with art. 16)
Chapter 6Supplementary and general
F1Cooperation with foreign competent authorities
Ss. 1253A-1253C and cross-heading inserted (6.4.2008) by The Statutory Auditors and Third Country Auditors Regulations 2007 (S.I. 2007/3494), reg. 14(1) (with reg. 14(2))
1253ARequests to foreign competent authorities
The Secretary of State may request from F10... a third country competent authority such assistance, information or investigation as he may reasonably require in connection with the exercise of his functions under this Part.
1253B Requests from F7approved third country competent authorities
F21
The Secretary of State must take all necessary steps to—
a
ensure that an investigation is carried out, or
b
provide any other assistance or information,
F131A
Where the request includes a request for the transfer of audit working papers and investigation reports, the Secretary of State must act in accordance with section 1253D.
2
Within 28 days following the date on which he receives the request, the Secretary of State must—
a
provide the assistance or information required by F3the requesting authority under subsection (1)(b), or
b
notify F4the requesting authority of the reasons why he has not done so.
3
But the Secretary of State need not take steps to comply with a request under subsection (1) if—
a
he considers that complying with the request may prejudice the sovereignty, security or public order of the United Kingdom;
b
legal proceedings have been brought in the United Kingdom (whether continuing or not) in relation to the persons and matters to which the request relates; or
c
disciplinary action has been taken by a recognised supervisory body in relation to the persons and matters to which the request relates.
F144
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1253C Notification to F8approved third country competent authoritiesF9...
F51
If the Secretary of State receives notice from a recognised supervisory body under section 1223A(1) (notification of matters relevant to F15approved third country competent authorities) that—
a
a person has become eligible for appointment as a statutory auditor, or
b
a person’s eligibility for appointment as a statutory auditor has been withdrawn,
the Secretary of State must notify the relevant F16approved third country competent authority.
2
3
The notification under subsection (1) must include the name of the person concerned and F6, in a case where a person’s eligibility for appointment as a statutory auditor has been withdrawn, the reasons for the withdrawal.
4
The Secretary of State must notify the relevant F20approved third country competent authority if he has reasonable grounds for suspecting that—
a
a person has contravened the law of the United Kingdom, or any F21equivalent third country or transitional third country, relating to audit, and
b
the act or omission constituting that contravention took place on the territory of F22an equivalent third country or transitional third country.
5
6
The notification under subsection (4) must include the name of the person concerned and the grounds for the Secretary of State's suspicion.
Pt. 42 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 paras. 1-27 (with Sch. 13 para. 11); S.I. 2014/900, art. 2(j); S.I. 2014/3319, art. 2(e) (as amended: (31.12.2020) by S.I. 2019/177, regs. 2, 57; 2020 c. 1, Sch. 5 para. 1(1) and S.I. 2019/504, regs. 1(2), 3-6; 2020 c. 1, Sch. 5 para. 1(1); and (1.7.2022) by 2022 c. 31, s. 186(6), Sch. 4 para. 216, Sch. 7 para. 28; S.I. 2022/734, reg. 2(a), Sch. (with regs. 13, 29, 30))