How evaluated and checked is another issue.
The question here is would the skills and knowledge needed, and procedures that should sensibly be followed change if Part P was revoked?
Indeed so, that is a wise and common sense statement of what really matters.
As we are only too aware of in this increasingly regulated world, the problem with any sort of regulation (banks?!) is that it is crucially dependent upon the quality of the regulation and its implementation/'policing'. In the present context, the danger is that less-than-perfect regulation (and 'policing' thereof) can, and probably does, result in people being officially considered to be 'competent' when they really aren't (even if they posses the right bits of paper and belong to the right organisations), whilst other people are not officially considered competent when they probably are.
I will undoubtedly attract some flack by saying this, but I would suggest that, given an understanding of the underlying concepts and considerations, the thing most crucial to competence and safety (in an everyday, not regulatory, sense) is the possession of common sense, rather than certificates and membership cards - and I have to say that I have come across a good few people (not you!), in many professions and fields, who are officially classified as qualified/experienced/'competent', and could recite the regulations under which they work whilst standing on their heads and drinking a yard of ale, but who do or suggest some pretty silly (or even crazy) things because of failure to apply common sense. Maybe those who religiously attached earth clamps to plastic pipes when they first appeared on the scene would be an example of that!
Another reason for needing common sense is that no set of regulations can be exhaustive (the real world contains too much variability of situations), so that too much inflexible 'mandatory' stuff in regulations can be inappropriate and result in silliness - but the moment one allows flexibility and discretion, the common sense of those applying it again becomes crucial.
Kind Regards, John