The directors are responsible for preparing the Annual Report and, as described on the previous page, the financial statements in accordance with applicable United Kingdom law and accounting standards. Our responsibilities, as independent auditors, are established in the United Kingdom by statute, the Auditing Practices Board, the Co-operative Union Limited's Code of Best Practice ("the Code") and by our profession's ethical guidance.
We report to you our opinion as to whether the financial statements give a true and fair view and are properly prepared in accordance with the Insurance Accounts Directive (Miscellaneous Insurance Undertakings) Regulations 1993. We also report to you if, in our opinion, the directors' report is not consistent with the financial statements, if the Society has not kept proper accounting records and if we have not received all the information and explanations we require for our audit.
We review whether the statement on internal control reflects the Society's compliance with paragraphs 31 and 32 of the Code, 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 Society's corporate governance procedures or its risk and control procedures.
We read the other information contained in the Annual Report, including the statement on paragraphs 31 and 32 of the Code, and consider whether it is consistent with the audited financial statements. We consider the implications for our report if we become aware of any apparent mis-statements or material inconsistencies with the financial statements.
