pwc
Karen Oliver
Head of Market Services
Society of Lloyds
One Lime Street
London
EC3M 7HA
29
April 2016
Dear Karen
Report of factual findings in connection with Consolidated Personal Accounts
-
2015
This report is produced in accordance with the terms of our agreement dated 22 April 2016.
The Council of Lloyd’s (the “Council”) remain solely responsible for the creation and maintenance
of all accounting and ether records in relation to Consolidated Personal Accounts
We have performed the procedures agreed with you and listed them below. Our work was
performed hi accordance with the International Standard on Related Services (ISRS) 4400
‘Engagements to perform agreed-upon procedures regarding tinancial information: The
procedures were performed solely to assist the Council in the preparation of Consolidated Personal
Account statements, We performed the following procedures a’ at the Valuation Date of 31
December 2015:
roceduresoversyemCa1Ca60
statement production
These procedures have been applied to all members, unless
stated for the RXoi field net result for the period’ for each
syndicate and underwriting year that members participate
wn
i I sing data matching technique’ apply the M
I
,meozber !iip put ttthle obtained from tc Sgndieut ta’np
dstah is t t e d t ii t resul t rcaI ul te
t s It
T
‘1 p T d tOT a n n r ne’ in th I )icUhUtt,
o cv ept1on not”d
2 dd the lute pupnwrt interest tOt all menibeis to lie ‘net
result for the period’ data in t.resttlts and compare to the
I data output to the members agents output databases.
‘o exceptIOlis
noted
pwc
*
*
—
—
3 For a sample of o CPA statements test that the amounts
included for ‘net result for the period’ in the members’
agents output databases agrees to the amounts included in
the pdf format CPA for that member.
‘
No exceptions noted
Procedures over input data toAprocess
No exceptions noted
pect all syndicate audito r reports over DD files for
evidence of unmodified opinions.
No exceptions noted
5. For each syndicate and underwriting year agree the total
the
in
table
‘net result for the period’ loaded into the t.results
Distribution System to the total recorded in the RXoi row of
the control sheet of each syndicate DD file.
No exceptions noted
6. For a sample of 55 members with MAPA participations
the
in
test that the members’ percentage share of a MAPA
MAPA membership split table agrees to the Sviidicate Stamp
return signed by the managing agent.
No exceptions noted
Test, for a sample of 30 members for a given run-off
syndicate, the brought forward ‘net result for the period’
items by member included in the runoffsyndicates
cumuiatw. tiara to the CPA issucd fi 2013
7.
Glossary of terms
—
—
-
I
—
-
A data file compiled for each syndicate by its managing agent and subjected to
I assurancc procedures by the syndicate auditor,
DD File
tionS
ii’th
pao
\P 4 b meir ber
M
h
under
ea
eai
of
s riting
contair s the r cords of ownership of ea 1’
iditatc tar Jbt a’ntr! ,lod s rccn. J hith notnos ,l een ds I owiwrshjn f
r’ r
o ‘a ‘dicatb
‘nJ ‘ri—”itiin.
-
m
ian atr
‘
lct
d n ‘opn
(t
c
Ruinqffsy zdicate ‘urnulatwe tiara A dat bac tab’e withir the Distiibutioii S tni
ain1ng citmulati’e results for all run oftsflldicates
Late payment interest data A database table within the Distribution Sxstem containing
in nw ii) rs
rc ord of 1’a °vs ‘ad
pwc
Our procedures, as stated in our agreement, did not constitute an examination made in accordance
with generally accepted auditing standards, the objective of which would be the expression of
assurance on the contents of Consolidated Personal Accounts. We do not express such assurance.
Had we performed additional procedures or had we performed an audit or review of the
Consolidated Personal Accounts in accordance with generally accepted auditing standards, other
matters might have come to our attention that we would have reported to von. This report relates
only to the Consolidated Personal Accounts and does not extend to am financial statements of the
Society of Lloyd’s taken as a whole,
Our obligations in respect of this report are entirel separate from, and our responsibility and
liability is in no way changed by, any other role we may have (or may have had) as auditors of the
Society of Lloyd’s or otherwise. Nothing in this report, nor anything said or done in the course of or
in connection with the services, will extend any duty of care we may have in our capacit\ as auditors
of any financial statements of the Society of Lloyd’s.
This report is solely for your use in connection with the purpose specified above and as set out in
our agreement.
Yours
faithfully.
PricewaterhouseCoopers LLP
Chartered Accountants
London
29 AI)ril 2015