SCHEDULES
SCHEDULE 10Recognised supervisory bodies
Part 2Requirements for recognition of a supervisory body
F1F2Transfer of papers to third countries
F316A
(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—
(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.