In regulation 4 (general requirements of auditors) -

(a) in paragraph (2)(b), after "European Commission" insert ", before IP completion day,";

(b) after paragraph (2)(b), insert -

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

(c) in paragraph (3), after "The competent authority may -" insert -

"(za) adopt and impose international auditing standards ("UK-adopted international standards") where those standards -

(i) have been developed with proper due process, public oversight and transparency;

(ii) are generally accepted internationally;

(iii) contribute a high level of credibility and quality to accounts of audited persons;

(iv) contribute to the public good; and

(v) are consistent with the relevant requirements listed in regulation 5(11);";

(d) in paragraphs (3)(a) and (b), for "Commission-adopted international standards" substitute "Commission-adopted or UK-adopted international standards";