Where the Board is satisfied, after consideration of the applications forwarded to it under section 16 by any laboratory, certification or inspection body, training institution, or person seeking accreditation and upon such examinations and assessments as it may consider necessary and after consultation with the relevant committee appointed under section 14, that the applicant satisfies the criteria and requirements for accreditation prescribed under section 15, the Board shall grant accreditation to such laboratory, certification or inspection body, training institution or person, as the case may be.