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 - Type II Report ISAE No.3402 and SSAE 16
Pantheon recently published a report which discloses its control activities and processes in a uniform format. This report was prepared in accordance with International Standard on Assurance Engagements (ISAE) No. 3402, and Statement on Standards for Attestation Engagements (SSAE) No. 16.
ISAE 3402 was developed to provide an international assurance standard for allowing public accountants to issue a report for use by user organisations (i.e. Pantheon clients) and their auditors on the controls at a service organisation (i.e. Pantheon) that are likely to impact or be a part of the user organisation’s system of internal control over financial reporting. SSAE 16 was issued by the Auditing Standards Board (ASB) of the American Institute of Certified Public Accountants (AICPA) and was built upon the ISAE 3402 framework.
A successful Type II ISAE 3402 and SSAE 16 report signifies that the relevant aspects of a service organisation’s controls have been presented fairly, in all material respects. The service auditor will express an opinion on whether the controls that were tested were operating with sufficient effectiveness, to provide reasonable assurance, that the control objectives were achieved during the period specified.
Controls processes covered include:
Client acceptance and take-on;
Authorisation & processing transactions;
Reporting to clients & investors;
Maintenance of financial records;
IT security and management; and
Management of outsourced service providers.