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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF AMLIN PLC
We have audited the financial statements of Amlin plc for the year
ended 31 December 2003 which comprise the consolidated profit
and loss account, the balance sheets, the consolidated cash flow
statement, the statement of accounting policies and the related notes
numbered 1 to 33. These financial statements have been prepared
under the accounting policies set out therein. We have also audited
the information in the part of the directors’ remuneration report that
is described as having been audited.
This report is made solely to the Company’s members, as a body, in
accordance with section 235 of the Companies Act 1985. Our audit
work has been undertaken so that we might state to the Company’s
members those matters we are required to state to them in an
auditors’ report and for no other purpose. To the fullest extent
permitted by law, we do not accept or assume responsibility to anyone
other than the Company and the Company’s members as a body, for
our audit work, for this report, or for the opinions we have formed.
Respective responsibilities of directors and auditors
As described in the statement of directors’ responsibilities, the
Company’s directors are responsible for the preparation of the
financial statements in accordance with applicable United Kingdom
law and accounting standards. They are also responsible for the
preparation of the other information contained in the annual report
including the directors’ remuneration report. Our responsibility is
to audit the financial statements and the part of the directors’
remuneration report described as having been audited in accordance
with relevant United Kingdom legal and regulatory requirements and
auditing standards.
We report to you our opinion as to whether the financial statements
give a true and fair view and whether the financial statements and
the part of the directors’ remuneration report described as having
been audited have been properly prepared in accordance with the
Companies Act 1985. We also report to you if, in our opinion, the
directors’ report is not consistent with the financial statements, if
the Company has not kept proper accounting records, if we have not
received all the information and explanations we require for our audit,
or if information specified by law regarding directors’ remuneration
and transactions with the Company and other members of the Group
is not disclosed.
We review whether the corporate governance statements reflect the
Company’s compliance with the seven provisions of the Combined
Code specified for our review by the Listing Rules of the Financial
Services Authority, and we report if it does not. We are not required
to consider whether the Board’s statements on internal control cover
all risks and controls, or form an opinion on the effectiveness of the
Group’s corporate governance procedures or its risk and control
procedures.
We read the directors’ report and the other information contained
in the annual report for the above year as described in the contents
section including the unaudited part of the directors’ remuneration
report and consider the implications for our report if we become
aware of any apparent misstatements or material inconsistencies
with the financial statements.
Basis of audit opinion
We conducted our audit in accordance with United Kingdom auditing
standards issued by the Auditing Practices Board. An audit includes
examination, on a test basis, of evidence relevant to the amounts and
disclosures in the financial statements and the part of the directors’
remuneration report described as having been audited. It also
includes an assessment of the significant estimates and judgements
made by the directors in the preparation of the financial statements
and of whether the accounting policies are appropriate to the
circumstances of the Company and the Group, consistently applied
and adequately disclosed.
We planned and performed our audit so as to obtain all the
information and explanations which we considered necessary in order
to provide us with sufficient evidence to give reasonable assurance
that the financial statements and the part of the directors’
remuneration report described as having been audited are free from
material misstatement, whether caused by fraud or other irregularity
or error. In forming our opinion, we also evaluated the overall
adequacy of the presentation of information in the financial
statements and the part of the directors’ remuneration report
described as having been audited.
Opinion
In our opinion:
- the financial statements give a true and fair view of the state of
affairs of the Company and the Group as at 31 December 2003
and of the profit of the Group for the year then ended; and
- the financial statements and the part of the directors’ remuneration
report described as having been audited have been properly
prepared in accordance with the Companies Act 1985.
Deloitte & Touche LLP
Chartered Accountants and Registered Auditors
London
9 March 2004
Notes: An audit does not provide assurance on the maintenance and integrity of the website, including controls used to achieve this, and in particular on whether any changes may have occurred to the financial statements since first published. These matters are the responsibility of the directors but no control procedures can provide absolute assurance in this area.
Legislation in the United Kingdom governing the preparation and dissemination of financial statements differs from legislation in other jurisdictions.
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