1635. (1) Subject to subsection (3), a statutory auditor who, immediately before 1 January 2024, stood approved under Part 27 to carry out statutory audits shall not be subject to the requirements of paragraph (a), (b) or (c) of section 1627 and Schedule 23.

(2) Subject to subsection (3), where a person was, on 1 January 2024, undergoing the approval process provided for in Part 27, that person shall not be subject to the requirements of paragraph (a), (b) or (c) of section 1627 and Schedule 23, provided the person completes that process by 1 January 2026.

(3) A statutory auditor who, immediately before 1 January 2026, stands approved under this Part shall acquire the necessary knowledge of sustainability reporting and the assurance of sustainability reporting, including the subjects listed in Schedule 23, by taking part in the continuing education required by section 1638.]