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Regulation 12 Auditors' report

Original text. Later amendments are not shown.

(1)

The members of the Council of Lloyd’s must obtain an auditors' report on the aggregate accounts.

(2)

The auditors' report shall include—

(a)

an introduction identifying the aggregate accounts that are the subject of the report and the financial reporting framework that has been applied in their preparation;

(b)

a description of the scope of the review carried out by the auditors and identifying the standards in accordance with which the review was conducted;

(c)

a clear statement as to whether, in their opinion, the aggregate accounts have been properly prepared in accordance with the requirements of these Regulations and whether those accounts are correctly aggregated.

(3)

The auditors' report—

(a)

must be either unqualified or qualified; and

(b)

must include a reference to any matters to which the auditors wish to draw attention by way of emphasis without qualifying the report.

(4)

The auditors' report must state whether, in their opinion, the annual report of the Council of Lloyd's—

(a)

is consistent with the aggregate accounts for the same financial year; and

(b)

has been prepared in accordance with these Regulations.