s 1253DD Agreement of third country competent authority
(1) This section applies where— (a) an approved third country competent authority makes a request to the Secretary of State for the transfer of audit working papers and investigation reports which relate to the audit of the consolidated accounts of a group, and (b) the audit working papers and investigation reports that are the subject of the request— (i) have been created by the auditor of a subsidiary that is located in an equivalent third country or transitional third country in relation to the audit of that subsidiary, and (ii) are in the possession of a statutory auditor. (2) In the case of a transfer by the Secretary of State under section 1253DA, the transfer must not take place unless the third country competent authority responsible for the auditor of the subsidiary has given its express agreement to the transfer. (3) In the case of a transfer by a statutory auditor under section 1253DB, the Secretary of State must not approve the transfer unless the third country competent authority responsible for the auditor of the subsidiary has given its express agreement to the transfer.