8.—(1) Standards must ensure that, before accepting an appointment as a statutory auditor, A assesses and records—
(a)whether A is complying with the requirements of paragraphs 1 to 7 of this Schedule;
(b)whether there are any threats to A’s independence and the safeguards applied to mitigate those threats;
(c)whether A has such competent employees, time and resources as are needed to carry out the statutory audit in an appropriate manner;
(d)where A is a firm, whether the key audit partner is approved as a statutory auditor in the Member State where the statutory audit is required to be carried out.
(2) Standards ensuring the matters mentioned in this paragraph may apply simplified requirements in relation to the statutory audit of companies to which the small companies regime applies under section 381 of the Act.