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.

(3) Before issuing an interim direction to a specified person under subsection (1), the Supervisory Authority shall give the specified person notice (in this section referred to as “advance notice”) of the proposal to issue the interim direction, and the advance notice shall—

(a) specify the act or omission constituting the possible relevant contravention referred to in subsection (1) to which the proposed interim direction relates,

(b) specify the requirement referred to in subsection (2) with which it is proposed that the specified person be required to comply, and

(c) inform the specified person that he or she may make representations to the Supervisory Authority in respect of the proposed interim direction in accordance with subsection (4).

(4) A specified person who is given an advance notice may, within 21 days from the date of receipt of the notice, make representations to the Supervisory Authority about the proposal to issue an interim direction.

(5) The Supervisory Authority shall consider any representations made to it under subsection (4) and, within 21 days from the date by which representations are to be made under subsection (4), decide whether to proceed with the issuing of the interim direction.

(6) An interim direction shall—

(a) be in writing,

(b) specify the act or omission constituting the possible relevant contravention referred to in subsection (1) to which the interim direction relates,

(c) specify the requirement referred to in subsection (2) with which the specified person is required to comply for so long as the interim direction has effect,

(d) contain information in relation to the date on which the interim direction will cease to have effect under subsection (7),

(e) contain information regarding the making of a request under subsection (10),

(f) contain information regarding the bringing of an appeal under subsection (11), and

(g) include such additional matters (if any) as the Authority considers appropriate.

(7) An interim direction shall have effect from the date on which it is issued until the earliest of the following:

(a) the date on which the Supervisory Authority—

(i) makes a decision under section 934(8) or (9), or

(ii) decides not to proceed with an investigation under section 934,

in relation to the possible relevant contravention referred to in subsection (1) to which the direction relates;

(b) the date that is 18 months after the date of the issuing of the direction;

(c) the date on which the direction is withdrawn by the Supervisory Authority under subsection (8).

(8) The Supervisory Authority may withdraw an interim direction at any time, as the Supervisory Authority considers appropriate.

(9) Without prejudice to the generality of subsection (8), the Supervisory Authority shall consider whether to withdraw an interim direction under subsection (8)—

(a) within 6 months after the date of the issuing of the interim direction, and

(b) thereafter, at intervals not exceeding 6 months.

(10) A specified person the subject of an interim direction that has effect may request, at any time, that the Supervisory Authority withdraw the direction on the basis of information, to be provided by the specified person with the request, that has not previously been brought to the attention of the Supervisory Authority.

(11) A specified person the subject of an interim direction may appeal to the court against the decision to issue the direction at any time during which the direction has effect.

(12) This section shall not operate to prevent the issuing of a further interim direction under this section after an interim direction has ceased to have effect under subsection (7).]