The Insurance Accounts Directive (Lloyd's Syndicate and Aggregate Accounts) Regulations 2008

Auditor's report U.K.

[F1 10.— (1) A syndicate’s auditor must make a written report to the syndicate’s members on all annual accounts of the syndicate of which copies are to be sent to the syndicate members during the auditor’s tenure of office.

(2) The auditor’s report must include—

(a) the identity of the syndicate whose annual accounts are the subject of the audit,

(b) a description of the annual accounts that are the subject of the audit (including the period covered by those accounts),

(c) a description of the financial reporting framework that has been applied in the preparation of those accounts, and

(d) a description of the scope of the audit identifying the auditing standards in accordance with which the audit was conducted.

(3) The report must state clearly the opinion of the auditor as to whether the annual accounts—

(a) give a true and fair view—

(i) in the case of an individual balance sheet, of the state of affairs of the syndicate as at the end of the financial year, and

(ii) in the case of an individual profit and loss account, of the profit or loss of the syndicate for the financial year;

(b) have been properly prepared in accordance with the relevant financial reporting framework, and

(c) have been prepared in accordance with the requirements of these Regulations.

(4) The auditor must, in the auditor’s report on the syndicate’s annual accounts—

(a) state whether in the auditor’s opinion, based on the work undertaken in the course of the audit—

(i) the information given in the managing agent’s report for the financial year for which the annual accounts are prepared is consistent with those accounts;

(ii) that report has been prepared in accordance with these Regulations,

(b) state whether, in the light of the knowledge and understanding of the syndicate and its environment obtained in the course of the audit, the auditor has identified material misstatements in the managing agent’s report, and

(c) if applicable, give an indication of the nature of each of the misstatements referred to in paragraph (b).

(5) The auditor’s report must—

(a) be unqualified or qualified,

(b) include a reference to any matters to which the auditor wishes to draw attention by way of emphasis without qualifying the report,

(c) include a statement on any material uncertainty relating to events or conditions that may cast doubt on the ability of the syndicate to continue to write future business, and

(d) identify the auditor’s place of establishment.]

Textual Amendments

F1 Reg. 10 substituted (with effect in accordance with reg. 1(7) of the amending S.I.) by The Statutory Auditors and Third Country Auditors Regulations 2017 (S.I. 2017/516), regs. 1(2), 15(2)