(1) Subject to subsection (1A), the Supervisory Authority may grant recognition in writing to a body of accountants for the purposes of the relevant provisions but may only grant such recognition if satisfied -

(a) that the standards relating to training, qualifications and repute required by that body for the approval of a person as a statutory auditor and the approval of a statutory auditor to carry out the assurance of sustainability reporting are not less than those specified in Articles 4, 6 to 8 and 10 of the Audit Directive,

(b) as to the standards that body applies to its members in the area of ethics, codes of conduct and practice, independence, professional integrity, auditing and accounting standards, quality assurance, continuing education and investigation, disciplinary procedures, sustainability reporting and the assurance of sustainability reporting,