In section 16 (grants to bodies concerned with accounting standards etc) -

(a) after subsection (2)(ea) [Sub-section (2)(ea) was inserted by paragraph 1(3) of Schedule 5 to S.I. 2016/649.], insert -

"(eb) assessing, and reporting to the Secretary of State on, the comparability of the audit regulatory regimes of third countries to the audit regulatory regime of the United Kingdom;

(ec) assessing, and reporting to the Secretary of State on, the adequacy of third country competent authorities, in relation to their ability to co-operate with the competent authority on the exchange of audit working papers and investigation reports;";

(b) in subsection (5) -

(i) after the definition of "accountancy functions" insert -

""audit regulatory regime" in relation to a country or territory, means the system of public oversight, quality assurance, investigations and sanctions for auditors in that country or territory;";

(ii) after the definition of "company" [The definition of "company" was amended by paragraph 222(2) of Schedule 1 to S.I. 2009/1941.] insert -

""the competent authority" means the Financial Reporting Council Limited [A company registered in England and Wales with number 02486368.];";