(1) A person appointed to conduct a statutory audit must conduct that audit in accordance with the relevant standards for the conduct of statutory audits.

(2) The relevant standards are -

(a) the standards of integrity, objectivity, professional competence, due care and professional scepticism as determined by the competent authority in accordance with Schedule 1;

(b) the international auditing standards adopted by the European Commission, before IP completion day, in accordance with Article 26(3) of the Audit Directive ("Commission-adopted international standards");

(ba)any UK-adopted international standards adopted and imposed by the competent authority in accordance with paragraph (3)(za);

(c) any auditing standards, procedures or requirements imposed by the competent authority in accordance with paragraph (3)(a);

(d) auditing procedures or requirements imposed by the competent authority in accordance with paragraph (3)(b); and