4.—(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 in accordance with Article 26(3) of the Audit Directive (“Commission-adopted international standards”);
(c)any auditing standards, procedures or requirements imposed by the competent authority in accordance with the Audit Directive which do not cover the same subject-matter as Commission-adopted international standards;
(d)auditing procedures or requirements imposed by the competent authority and notified to the European Commission in accordance with Article 26(4) of the Audit Directive; and
(e)the requirements of rules and practices of the recognised supervisory body of which the auditor is a member, provided that the rules and practices are rules and practices required by virtue of Part 2 of Schedule 10 to the Act.