In regulation 11 (performance, monitoring and enforcement of third country audit functions) -

(a) for paragraph (2)(a) substitute -

"(a) for an audited entity which -

(i) is incorporated in an equivalent third country, or

(ii) is incorporated in a transitional third country; or";

(b) in paragraph (2)(b)(i), for "an EEA auditor" substitute "eligible for appointment as an auditor of bodies corporate incorporated or formed under the law of an equivalent third country or a transitional third country";

(c) in paragraph (2)(b)(ii), for "EEA competent authority that approved the EEA auditor in accordance with the Audit Directive" substitute "third country competent authority in that equivalent third country or transitional third country";

(d) in paragraph (4), in the provisions being substituted for regulations 4(2) to (4) of these Regulations for the purposes of applying regulation 4 with modifications -

(i) in paragraph (2)(a), after "Audit Directive" insert "before IP completion day";

(ii) after paragraph (2)(a), insert -