For section 1253E of the Companies Act 2006 (working arrangements for transfer of papers) [Section 1253E was inserted by regulation 15 of S.I. 2007/3494.] substitute -

"1253E. Working arrangements for transfer of papers

(1) The Secretary of State may enter into arrangements with a third country competent authority relating to the transfer of audit working papers -

(a) from the third country competent authority or a third country auditor regulated by that authority to the Secretary of State, and

(b) from the Secretary of State or a statutory auditor to the third country competent authority.

(2) The arrangements must provide that a request by the Secretary of State or the third country competent authority for a transfer mentioned in subsection (1) must be accompanied by a statement explaining the reasons for the request.

(3) The arrangements must -

(a) provide that the Secretary of State may not use audit working papers obtained from the third country competent authority or a third country auditor regulated by that authority except in connection with one or more of the functions mentioned in subsection (4), and

(b) include comparable provision in relation to audit working papers obtained by the third country competent authority from the Secretary of State or a statutory auditor.

(4) Those functions are -