Audit Committee

PIP has an Audit Committee which is primarily responsible for matters relating to the monitoring of the Company’s financial statements and accounting processes.

The primary responsibilities of the Audit Committee are to:

monitor the integrity of the financial statements and accounting policies of the Company;

review the effectiveness of the internal control environment of the company and monitor adherence to best practice in corporate governance;

make recommendations to the Board in relation to the re-appointment of the Auditors and to approve their remuneration and terms of engagement;

review and monitor the Auditors’ independence and objectivity and the effectiveness of the audit process;

provide a forum through which the Company’s Auditors report to the Board.

The Audit Committee also has responsibility for reviewing the whistle blowing procedures, and for receiving reports from the compliance officer of the Manager.

The Audit Committee has direct access to the Company’s Auditors, Grant Thornton UK LLP, and representatives of Grant Thornton UK LLP attend each Committee meeting. On the basis of these meetings, the Audit Committee is able to assess the effectiveness of the external audit.

PIP’s audit committee comprises four Directors of the Board: Ian Barby, who is the Chairman of the Audit Committee, Tom Bartlam, Sir Laurie Magnus and Susannah Nicklin

Pantheon Controls & SAS No. 70

Pantheon recently published a report which discloses its control activities and processes in a uniform reporting format. This report was carried out according to the Statement on Auditing Standards (SAS) No. 70. The standards are developed by the American Institute of Certified Public Accountants (AICPA) and are considered as authoritative guidance on controls and processes disclosure. A successful SAS 70 examination signifies that a service organisation has had its control objectives and control activities examined by an independent accounting and auditing firm, and includes the independent auditors’ opinion to confirm that all material aspects of the these controls have been fairly represented. Pantheon is now one of a small number of private equity managers globally who have been credited with SAS 70 compliance.

Controls processes covered include:

Client acceptance and take-on;

Authorisation & transactions;

Client reporting;

Maintenance of archives and records; and

IT security and management.