[F1[F216A(1)The body must have adequate rules and practices designed to ensure that a person eligible under its rules for appointment as a statutory auditor transfers audit working papers to a third country competent authority only in accordance with the requirements of—U.K.
(a)paragraph 16AA (transfer to approved third country competent authority), or
(b)paragraph 16AB (transfer for purposes of investigation).
(2)The body must also have adequate rules and practices designed to ensure that a person eligible under its rules for appointment as a statutory auditor must refuse to transfer audit working papers to a third country competent authority if the Secretary of State directs under section 1253E(6) that such a transfer should not take place.]]
Textual Amendments
F1Sch. 10 para. 16A and preceding cross-heading inserted (6.4.2008) by The Statutory Auditors and Third Country Auditors Regulations 2007 (S.I. 2007/3494), reg. 24
F2Sch. 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
Modifications etc. (not altering text)
C1Sch. 10 paras. 16A-16AB applied (15.11.2010) by The Companies Act 2006 (Transfer of Audit Working Paper to Third Countries) Regulations 2010 (S.I. 2010/2537), regs. 1(2), 8