This page provides best practice guidance documents for use in delegated authority business.
Coverholder Audit Scope
A 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). A tracked changes version for information purposes only can be found here.
A separate accompanying document 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. A tracked changes version for information purposes only can be found here.
