1. Before accepting a verification engagement, a verifier shall obtain a proper understanding of the regulated entity and assess whether it can undertake the verification. For this purpose, the verifier shall at least:

(a) evaluate the risks involved to undertake the verification of the regulated entity's report in accordance with this Regulation;

(b) undertake a review of the information supplied by the regulated entity to determine the scope of the verification;

(c) assess whether the engagement falls within the scope of its accreditation;

(d) assess whether it has the competence, personnel and resources required to select a verification team capable of dealing with the complexity of the regulated entity's activities and fleet as well as whether it is capable of successfully completing the verification activities within the timeframe required;

(e) assess whether it is capable of ensuring that the potential verification team at its disposal holds all the competence, and persons required to carry out verification activities for that specific regulated entity;