(1) A syndicate's auditor must make a written report to the syndicate's members on all annual accounts of the syndicate of which copies are to be sent to the syndicate members during the auditor’s tenure of office.

(2) The auditor’s report must include -

(a) the identity of the syndicate whose annual accounts are the subject of the audit,

(b) a description of the annual accounts that are the subject of the audit (including the period covered by those accounts),

(c) a description of the financial reporting framework that has been applied in the preparation of those accounts, and

(d) a description of the scope of the audit identifying the auditing standards in accordance with which the audit was conducted.

(3) The report must state clearly the opinion of the auditor as to whether the annual accounts -

(a) give a true and fair view -

(i) in the case of an individual balance sheet, of the state of affairs of the syndicate as at the end of the financial year, and