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LLD 15 Annex 5 R Auditors' report (see LLD 15.9.3R)

LLD 15 Annex 5R

1

The report required by LLD 15.9.3 R must, in addition to any statement required by section 237(2) and (3) of the Companies Act, state:

(1)

that in the auditors' opinion, Forms 9 to 17, 20 to 42, the supplementary notes to the forms and the statements required under LLD 15.5.1 R, LLD 15.6.1 R, LLD 15.7.1 R, and LLD 15.8.1 R have been properly prepared in accordance with LLD 9 to LLD 15;

(2)

that according to the information and explanations that the auditors have received:

(a)

in their opinion, the certificate required to be signed in accordance with LLD 15.9.1 R (1), otherwise than in relation to statements to which paragraph 1(3) of this table relates, has been properly prepared in accordance with LLD 9 to LLD 15; and2

(b)

subject to paragraph 1(3), it was or was not unreasonable for the persons giving the certificate to have made the statements in it (other than statements to which paragraph 1(3) relates); and2

(3)

the extent to which, in giving their opinion, the auditors have relied:

(a)

in respect of financial information supplied to the Society by managing agents on behalf of syndicates, on work carried out by syndicate auditors; and

(b)

in respect of long-term insurance business carried on by members, on the certificates of the syndicate actuaries given in accordance with the requirements of LLD 9 to LLD 15 with respect to the amounts in Form 60.

2

The audit opinion required by 1(2)(a) does not extend to cover the statements required under:

(1)

LLD 15.8.5 R and LLD 15.8.8 R; and

(2)

LLD 15 Annex 2 R 1(4), but only in so far as it relates to relevant guidance which either states that compliance with the guidance need not be audited or which relates to controls with respect to money laundering.

3

To the extent that the information and explanations they have received do not allow the auditors to express an opinion on whether it was or was not unreasonable for the Council to have made the statement required by LLD 15 Annex 2 R 1(c) the auditors must add to their report such qualification, amplification or explanation as may be appropriate.

4

Where the auditors refer in their report or in any note attached to their report to any uncertainty, the report must state whether, in the auditors' opinion, that uncertainty is material to determining whether the Society is able to meet the solvency requirements of LLD 9 to LLD 15.