(1) The principal objects of the Supervisory Authority which are to be included in its memorandum of association are to -

(a) supervise how the prescribed accountancy bodies regulate and monitor their members,

(b) promote adherence to high professional standards in the auditing and accountancy profession, including the assurance of sustainability reporting,

(c) monitor whether the financial statements, accounts or, where applicable, sustainability reporting of certain classes of companies and other undertakings comply with this Act (or, as the case may be, this Act as applied by the 2019 Qualifying Partnerships Regulations) and, where applicable, Article 4 of the IAS Regulation,

(d) act as a specialist source of advice to the Minister on auditing and accounting matters, and the assurance of sustainability reporting and

(e) oversee statutory auditors, the conduct of statutory audits and, where applicable, the carrying out of assurance of sustainability reporting in accordance with the relevant provisions and perform functions under those provisions in relation to such oversight.