Duties of auditorsU.K.
11.—(1) A syndicate's auditor, in preparing the audit report, must carry out such investigations as will enable the auditor to form an opinion as to—
(a)whether adequate accounting records have been kept on behalf of the syndicate; and
(b)whether the syndicate's annual accounts are in agreement with the accounting records.
(2) If the auditor is of the opinion—
(a)that adequate accounting records have not been kept; or
(b)that the syndicate's annual accounts are not in agreement with the accounting records,
[F1the auditor must state that fact in the auditor’s report].
(3) If the auditor fails to obtain all the information and explanations which, to the best of the auditor's knowledge and belief, are necessary for the purposes of the audit, the audit report shall state that fact.
(4) If the requirements of paragraph 5 of Schedule 1 are not complied with in the annual accounts the audit report must include, so far as the auditor is reasonably able to do so, a statement giving the required particulars.
[F2(5) Where more than one person is appointed as an auditor—
(a)all the persons appointed must jointly make a report under this regulation and the report must include a statement as to whether all the persons appointed agree on—
(i)the matters contained in the report,
(ii)the statements under regulation 10(4) and paragraphs (2) and (3) of this regulation, and
(iii)the indications given under regulation 10(4), and
(b)if all the persons appointed cannot agree on—
(i)the matters contained in the report,
(ii)the statements under regulations 10(4) and paragraphs (2) and (3) of this regulation, or
(iii)the indications given under regulation 10(4),
the report must include the opinions of each person appointed and give reasons for the disagreement.]
Textual Amendments
F1Words in reg. 11(2) 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(3)(a)
F2Reg. 11(5) inserted (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(3)(b)