Page 36 - AGM Pamphlet 2021

2021 Audit Committee Report

The Audit Committee oversees the Security Institute’s (SyI) financial reporting
processes on behalf of the Board of Directors. The SyI management has the primary
responsibility for the financial statements, for maintaining effective internal control
over financial reporting, and for assessing the effectiveness of internal control over
financial reporting. In fulfilling its oversight responsibilities, the committee reviewed
and discussed the unaudited consolidated financial statements in the Annual Report
with the SyI management, including the quality, not just the acceptability of the
accounting principles; the reasonableness of significant judgements; and the clarity of
disclosures in the financial statements.
The committee is governed by ‘Terms of Reference’ (ToR), and a copy of the ToR is
available on request. The ToR has been in effective from 21 Feb 2019, following Board
of Directors approval. The committee has held 3 virtual meetings during the last 12
months.

The committee is comprised of four members of the main Board of Directors. The
Chair of the Audit Committee changed in February 2021 following the appointment of
Peter Lavery as The Security Institute Chair. The ToR will be reviewed at the next Audit
Committee with expectation of increasing governance and oversight for the Security
Institute. This is a normal practice when a new Chair is selected.

Board and Committee attendance during 2020

Members Committee Since A B
Peter Lavery (Chair) 21 Feb 2019 - 31 Jan 2021 2 2
Carl Dakin 21 Feb 2019 3 3
Richard Woolford 21 Feb 2019 3 3
Bob Martin 13 Aug 2019 3 3
Mahbubul Islam (Chair) 01 Feb 2021 1 1

A – Maximum number of meetings the individual could have attended
B – Number of meetings the individual attended

The meetings of the Committee are designed to facilitate and encourage
communications between the Committee and the SyI Management team. The
committee discussed the overall scope and respective plans for conducting the audit. A
Quorum of 3 is required for the meetings to take place.

Summary of Works in 2020

• 7th August 2020 - The meeting covered the HQ staff and salary and 2020 pay
increase, main discussion scrutiny was around the Consumer Price Index (CPI) and
Retail Price Index (RPI).
• 28th August 2020 – This meeting focused on the annual Insurance renewal and the
value to cover the liability for the Security Institute. Page 2 of 3
• 22nd March 2021 – This committee was to discuss and agree the annual accounts
ending in December 2020 and a review of the staff salary recommendation from
the pay and remuneration committee.

All recommendations from these committee meetings have been circulated with
respective sub committees and the Security Institute Board.

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