904. (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 F550[profession, including the assurance of sustainability reporting],

(c) monitor whether the F550[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 F551[the 2019 Qualifying Partnerships Regulations]) and, where applicable, Article 4 of the F552[IAS Regulation,]

(d) act as a specialist source of advice to the Minister on auditing and accounting F552[F550[matters, and the assurance of sustainability reporting], and]

F553[(e) oversee F550[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.]

(2) Nothing in this section prevents or restricts the inclusion in that memorandum of association of all objects and powers, consistent with this Chapter, that are reasonable, necessary or proper for, or incidental or ancillary to, the due attainment of those principal objects.