Companies Act 2014

F657 [ Derogation from section 1568 in exceptional cases

1569.

1569. By way of derogation from section 1568 , the Supervisory Authority may, in exceptional cases, allow a statutory auditor or audit firm to transfer audit working papers and other documents directly to a third-country competent authority, provided that

(a) an investigation has been initiated by that competent authority in the third country concerned,

(b) such transfer does not conflict with the obligations with which statutory auditors and audit firms are required to comply in relation to the transfer of audit working papers and other documents to the Supervisory Authority,

(c) there are working arrangements with the third-country competent authority of a reciprocal nature that allow the Supervisory Authority direct access to audit working papers and other documents of audit entities in the third country concerned,

(d) the third-country competent authority informs in advance the Supervisory Authority of each direct request for information, indicating the reasons therefor, and

(e) conditions similar to those specified in section 1568(2)(a) to (d) are satisfied. ]

Annotations

Amendments:

F657

Inserted (21.09.2018) by Companies (Statutory Audits) Act 2018 (22/2018), s. 51, S.I. No. 366 of 2018.