Member States shall ensure that, before accepting or continuing an engagement for a statutory audit, a statutory auditor or an audit firm assesses and documents the following:
- whether he, she or it complies with the requirements of Article 22 of this Directive;
- whether there are threats to his, her or its independence and the safeguards applied to mitigate those threats;
- whether he, she or it has the competent employees, time and resources needed in order to carry out the statutory audit in an appropriate manner;
- whether, in the case of an audit firm, the key audit partner is approved as statutory auditor in the Member State requiring the statutory audit;
Member States may provide simplified requirements for the audits referred in points (b) and (c) of point 1 of Article 2.