[(1) The Secretary of State may by regulations grant to a third country, or make provision for the grant to a third country of—
(a) approval as an equivalent third country,
(b) provisional approval, for a period of up to seven years, as an equivalent third country, or
(c) transitional approval, for a period of up to seven years, as a transitional third country,
in relation to the comparability of the third country's audit regulatory regime to the audit regulatory regime of the United Kingdom.
(2) Regulations under subsection (1) may (among other things)—
(a) specify the procedure for assessing the audit
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