(1) A recognised accountancy body shall organise its quality assurance system in such a manner that -
(a) the system is independent of the reviewed statutory auditors and audit firms,
(b) the funding for the system is secure and free from any possible undue influence by statutory auditors or audit firms,
(c) the system has adequate resources,
(d) the persons who carry out quality assurance reviews have appropriate professional education and relevant experience in statutory audit and financial reporting combined with specific training on quality assurance reviews,
(e) the selection of reviewers for specific quality assurance reviews is effected in accordance with an objective procedure designed to ensure that there are no conflicts of interest between reviewers and the statutory auditor or audit firm under review,
(f) the scope of quality assurance reviews of audits, supported by adequate testing of selected audit files, includes, except where otherwise agreed with the Supervisory Autho
…