(1) Each competent authority shall ensure that it has in place a system of quality assurance of -
(a) its members' activities as statutory auditors and audit firms; and
(b) the activities, as statutory auditors and audit firms, of persons who, though not members of the authority, are persons in relation to whom it may perform functions under these Regulations.
(2) On and from the date specified in paragraph (3), the competent authority with supervisory and other functions shall ensure that it has in place a system of quality assurance of registered third-country auditors and audit entities to whom this Part applies by virtue of Regulation 114(1).
(3) The date referred to in paragraph (2) is the date falling 6 months after the date of the making of these Regulations.