[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"detail-sidebar-cat-1-en-105":3,"doc-seo-171938-105":53,"doc-detail-171938-en":126},{"code":4,"msg":5,"data":6},0,"success",[7,14,19,24,29,34,39,44,49],{"id":8,"doc_module":9,"doc_module_name":10,"category_name":11,"show_sort_weight":12,"slug":13},11,1,"Template","Presentations",90,"presentations",{"id":15,"doc_module":9,"doc_module_name":10,"category_name":16,"show_sort_weight":17,"slug":18},12,"Resumes",80,"resumes",{"id":20,"doc_module":9,"doc_module_name":10,"category_name":21,"show_sort_weight":22,"slug":23},14,"Invoices",70,"invoices",{"id":25,"doc_module":9,"doc_module_name":10,"category_name":26,"show_sort_weight":27,"slug":28},15,"Posters",60,"posters",{"id":30,"doc_module":9,"doc_module_name":10,"category_name":31,"show_sort_weight":32,"slug":33},16,"Social Media",50,"social-media",{"id":35,"doc_module":9,"doc_module_name":10,"category_name":36,"show_sort_weight":37,"slug":38},17,"Forms",40,"forms",{"id":40,"doc_module":9,"doc_module_name":10,"category_name":41,"show_sort_weight":42,"slug":43},18,"Letters",30,"letters",{"id":45,"doc_module":9,"doc_module_name":10,"category_name":46,"show_sort_weight":47,"slug":48},21,"Paper Templates",5,"papers-templates",{"id":50,"doc_module":9,"doc_module_name":10,"category_name":51,"show_sort_weight":4,"slug":52},158,"General","general-158",{"code":4,"msg":54,"data":55},"ok",{"site_id":56,"language":57,"slug":58,"title":59,"keywords":60,"description":61,"schema_data":62,"social_meta":119,"head_meta":121,"extra_data":123,"updated_unix":125},105,"en","lma-ch-audit-scope-final-version-31-q3-2025","LMA-CH-Audit-Scope - Final Version 3.1 - Q3 2025","","A common audit scope is compiled to improve audit consistency and process efficiency, helping coverholders work with the Lloyd’s market and supporting managing agents and coverholders in meeting regulatory expectations set by the FCA, and for managing agents, the PRA. While use is not mandatory, the scope reduces duplication and supports coordinated audits when appropriate. It lists generic risks and control-related areas for external auditors, using a Risk/Control/Conclusion format and enabling modular use over time.",{"@graph":63,"@context":118},[64,80,101],{"@type":65,"itemListElement":66},"BreadcrumbList",[67,71,74,77],{"item":68,"name":69,"@type":70,"position":9},"https://docshare.wps.com","Home","ListItem",{"item":72,"name":10,"@type":70,"position":73},"https://docshare.wps.com/template/",2,{"item":75,"name":11,"@type":70,"position":76},"https://docshare.wps.com/template/presentations/",3,{"item":78,"name":59,"@type":70,"position":79},"https://docshare.wps.com/template/lma-ch-audit-scope-final-version-31-q3-2025/171938/",4,{"url":78,"name":59,"@type":81,"image":82,"author":87,"headline":59,"publisher":90,"fileFormat":93,"inLanguage":57,"description":61,"dateModified":94,"datePublished":95,"encodingFormat":93,"isAccessibleForFree":96,"interactionStatistic":97},"DigitalDocument",{"url":83,"@type":84,"width":85,"height":86},"https://docshare.wps.com/thumbnails/lma-ch-audit-scope-final-version-31-q3-2025/171938.png","ImageObject",442,249,{"name":88,"@type":89},"Hazel","Person",{"url":68,"name":91,"@type":92},"DocShare","Organization","application/vnd.openxmlformats-officedocument.wordprocessingml.document","2026-10-26","2026-09-01",true,{"@type":98,"interactionType":99,"userInteractionCount":8},"InteractionCounter",{"@type":100},"ViewAction",{"@type":102,"mainEntity":103},"FAQPage",[104,110,114],{"name":105,"@type":106,"acceptedAnswer":107},"What is the purpose of the common audit scope in this document?","Question",{"text":108,"@type":109},"It aims to improve consistency of audits and the audit process, making it easier for coverholders to work with the Lloyd’s market and helping managing agents and coverholders meet FCA expectations (and PRA expectations for managing agents).","Answer",{"name":111,"@type":106,"acceptedAnswer":112},"Is the use of this audit scope mandatory for managing agents?",{"text":113,"@type":109},"No. The document notes that use is not mandatory and that bespoke scopes may be appropriate in certain situations, but it is intended that managing agents use it to reduce duplication and promote consistency where possible.",{"name":115,"@type":106,"acceptedAnswer":116},"How does the scope structure the audit questions and outcomes?",{"text":117,"@type":109},"The format moves from a prescriptive question set to a Risk/Control/Conclusion approach, where auditors assess control effectiveness through testing and conclude based on evidence, making recommendations when needed.","https://schema.org",{"og:url":78,"og:type":120,"og:title":59,"og:site_name":91,"og:description":61},"article",{"robots":122,"canonical":78},"index,follow",{"doc_id":124,"site_id":56},171938,1788287948,{"code":4,"msg":5,"data":127},{"doc_id":124,"user_id":128,"nickname":88,"user_avatar":129,"doc_module":9,"category_id":8,"category_name":11,"doc_title":59,"doc_description":61,"doc_content":130,"file_id":131,"file_url":132,"file_type":133,"file_size":134,"view_count":8,"is_deleted":4,"is_public":9,"is_downloadable":9,"audit_status":9,"page_count":135,"language":136,"language_code":57,"site_id":56,"html_lang":57,"table_of_contents":137,"faqs":138,"seo_title":139,"seo_description":61,"update_tm":125,"read_time":140},137441390410,"https://ap-avatar.wpscdn.com/avatar/2000252f4ab5702993?_k=1776741390130283984","Coverholder udit Scope\nCoverholder Audit Scope\nVersion 3.1\nQ3 2025\nVersion 3.1\nQ3 2025\n\u000f\nVersion Control:\nNext Review Due:\nOne year from publishing date of document.\nContributors and Thanks:\nThe work contained herein would not have been possible without building on the work already done within the market to provide the earlier versions of the Lloyd’s common audit scope. The LMA extends its thanks to all involved in that work.\nIn respect of the drafting of the documents, the LMA would like to thank all contributors for their work and assistance.\u000f\nINTRODUCTION\nPurpose:\nA common audit scope has been compiled with the intention of improving consistency of audits and the audit process, making it easier for coverholders to work with the Lloyd’s market and to support both managing agents and coverholders in meeting the expectations of the Financial Conduct Authority (FCA) and in the case of managing agents, the Prudential Regulation Authority (PRA).\nWhilst the use of this audit scope is not mandatory, and in certain situations a bespoke scope may be appropriate, it is intended that managing agents should as far as possible use this scope to reduce duplication, to promote consistency and to support coordinated audits wherever possible.\nA separate accompanying document “Coverholder Audit Scope – Guidance Notes” provides guidance on these questions. It is recommended that the guidance notes are read by the auditor and managing agent prior to any audit planning or audits taking place.\nThis document lists the risks and areas to be considered by external auditors undertaking audits of coverholders on behalf of managing agents in the Lloyd’s market. The risks below are generic risks to ensure that key topics and areas are covered by the audit.\nIt is intended that the scope can be used in a modular way over the course of a few years.\nIn some regions and for some classes of business there may be additional topics which need to be examined, it is expected that the auditor and managing agent will discuss and agree these in advance of the audit. For many of the questions specified in the audit scope below, the auditor is expected to test and provide evidence where appropriate, unless instructed not to by the managing agent.\nFor example, by:\nReviewing files, transactions, logs and examples.\nLooking at what has been documented and reported.\nTesting understanding, by asking if this happened what would you do?\nRequesting copies of documentation and examples as evidence where appropriate if these have not been provided in advance.\nIt is expected that the auditors will comment on the areas that they have tested and reviewed for the managing agents to take the appropriate action. This document is not concerned with self-certification by coverholders or audit co-ordination; these will be addressed by separate initiatives; however, it is hoped that the production of this document will assist with these.\nThe approach:\nThe scope has been written to ensure that auditors are able to focus on issues relevant to a coverholder, to allow them more flexibility in how an audit is undertaken. The format has moved away from a prescriptive and lengthy question set to a ‘Risk / Control / Conclusion’ format.\nThe scope contained herein states those risks posed to Insurers or policyholders. Auditors are expected to respond to these risks in two ways:\nBy assessing the effectiveness of the controls that the coverholder has in place through testing\nBy concluding whether that control is effective based on evidence gather on audit and if necessary, making recommendations from that conclusion.\nGuidance is given in relation to issues that auditors should consider in relation to each question.\nThis guidance is not designed to be exhaustive. Auditors should use their own judgement and experience to highlight any potential issues at the coverholder in relation to those risks, supported by evidence found whilst on audit.\nIt is expected that auditors will make conclusions and recomm","cbCaimERSPv8eMKv","https://ap.wps.com/l/cbCaimERSPv8eMKv","docx",252840,25,"English","# Introduction\n## Purpose and intended use\n## Approach and structure\n## Risk, control and conclusion\n# Executive Summary\n## Summary of Findings\n## Material Changes\n## Delegated Authority Contract Summary\n# Recommendation Tables\n## Immediate Priority Recommendations\n## High Priority Recommendations\n## Medium Priority Recommendations\n## Low Priority Recommendations\n## Prior Audit Findings\n## Recommendations for London\n# Underwriting\n## Underwriting Testing\n## Bordereaux Analysis\n## Sampling Methodology","[{\"question\":\"What is the purpose of the common audit scope in this document?\",\"answer\":\"It aims to improve consistency of audits and the audit process, making it easier for coverholders to work with the Lloyd’s market and helping managing agents and coverholders meet FCA expectations (and PRA expectations for managing agents).\"},{\"question\":\"Is the use of this audit scope mandatory for managing agents?\",\"answer\":\"No. The document notes that use is not mandatory and that bespoke scopes may be appropriate in certain situations, but it is intended that managing agents use it to reduce duplication and promote consistency where possible.\"},{\"question\":\"How does the scope structure the audit questions and outcomes?\",\"answer\":\"The format moves from a prescriptive question set to a Risk/Control/Conclusion approach, where auditors assess control effectiveness through testing and conclude based on evidence, making recommendations when needed.\"}]","LMA-CH-Audit-Scope - Final Version 3.1 - Q3 2025 | DOCX",9]