(1) An individual or firm is eligible for appointment as a statutory auditor if the individual or firm -
(a) is a member of a recognised supervisory body, and
(b) is eligible for appointment under the rules of that body.
(2) In the cases to which section 1222 applies (individuals retaining only 1967 Act authorisation) a person's eligibility for appointment as a statutory auditor is restricted as mentioned in that section.