The Principal Act is amended by the insertion of the following section after section 934A:

''934AA.

(1) Subject to subsection (3), the Supervisory Authority may issue a direction referred to in subsection (2) (in this section referred to as an 'interim direction') to a specified person where the Supervisory Authority is of the opinion that the nature or gravity of the possible relevant contravention committed by the specified person warrants, in the interest of protecting the public, the issuing of such a direction.

(2) An interim direction may be specified by the Supervisory Authority to apply in relation to all of the specified person's audit files or audit engagements or to only certain categories thereof, and may require all or any of the following:

(a) the review by a statutory auditor, other than the specified person, of the specified person's audit files (either before or after the signing by the specified person of the statutory auditors' report to which each such file relates), and each such review, once completed, shall be provided to the Supervisory Authority by the specified person;

(b) the notification to the Supervisory Authority by the specified person of any new audit engagement accepted by the specified person;

(c) the approval of the Supervisory Authority to be obtained by the specified person before accepting any new audit engagement.