931B. (1) In this section—

"recognised accountancy body A" means a recognised accountancy body which is not able to perform, either in all cases or in a particular case, one or more than one F714[Part 27 function or Part 28 function] by virtue of section 930(1A) or a section 931 notice;

"recognised accountancy body B" means a recognised accountancy body which is able to perform, in all cases, the F714[relevant function] by virtue of its recognition under section 930 or a section 931 notice;

F715["relevant function" means the Part 27 function or Part 28 function referred to in the definition of "recognised accountancy body A" that the body is not able to perform;]

"relevant members", in relation to a F714[relevant function], means the statutory auditors or potential statutory auditors of recognised accountancy body A in relation to whom that body is not able to perform that function;

F716[…]

(2) The following provisions shall apply in the case of the F714[relevant function] and the relevant members:

(a) the Supervisory Authority may perform that function in relation to those members and, accordingly, the applicable provisions shall be read with any necessary modifications to take account of the fact that that function will, in relation to those members, be performed by the Supervisory Authority until such time (if any) as the Supervisory Authority gives a section 931 notice—

(i) to recognised accountancy body A to again perform that function in relation to those members, or

(ii) to recognised accountancy body B to perform that function in relation to those members until the date, or the occurrence of the event, specified in the notice;

(b) any obligations which, by virtue of the standards referred to in section 930(1)(a) and (b), the relevant members owed to recognised accountancy body A, in so far as such obligations relate to the F714[relevant function], are owed to the Supervisory Authority or, if the Supervisory Authority has given a section 931 notice referred to in paragraph (a) to recognised accountancy body B, to recognised accountancy body B;

(c) subject to subsection (3) and section 941(4) and (4A), the costs, as determined by the Supervisory Authority, incurred by the Supervisory Authority or recognised accountancy body B in performing the F714[relevant function] in relation to the relevant members shall be defrayed by recognised accountancy body A or by money received by the Supervisory Authority under section 916.

(3) For the purposes of subsection (2)(c)—

(a) the Supervisory Authority may prescribe by regulations—

(i) that specified procedures and methods of calculation shall apply in the determination of the amount of costs referred to in that subsection incurred by it or recognised accountancy body B, and

(ii) requirements otherwise as to the liability of recognised accountancy body A for, and the manner in which that body shall pay, that amount,

and

(b) in default of payment of that amount to the Supervisory Authority, the Authority may recover that amount as a simple contract debt in any court of competent jurisdiction.

(4) Where the recognition granted under section 930 of a body of accountants is revoked under section 931, neither the Supervisory Authority nor a recognised accountancy body owes any obligation under this Act, in so far as this Act relates to statutory audits, to a statutory auditor who is a member of the first-mentioned body but without prejudice to any such obligation owed to that statutory auditor if the auditor is a member of another body of accountants which is recognised under section 930.

(5) Recognised accountancy body A may appeal to the court against a decision made by the Supervisory Authority under subsection (2)(c) determining an amount of costs to be paid by that body.

(6) An appeal under subsection (5) shall be brought within 3 months after the date on which recognised accountancy body A was notified by the Supervisory Authority of its decision.]