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Report of the Audit Committee

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 report-
ing. 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 is
effective wef 21 Feb 2019, following Board of Directors approval. The Committee has held two virtual meetings to date
before the 2020 AGM. The Committee is comprised of four members of the main Board of Directors. Whilst the ToR’s
are currently being revised and in line with increasing governance and the addition of the Risk Committee it is expect-
ed that work submitted to the Audit Committee will fit within the established ToR.

Audit Committee Report
The membership of the Audit Committee, together with appointment dates and attendance at meetings, is set forth
below:
Members Committee Since Attendance during FY 2019/2020
Peter Lavery (Chair) 21 Feb 2019 2 of 2 meeting held (10/10/19 & 23/03/20)
Carl Dakin 21 Feb 2019 2 of 2 meeting held (10/10/19 & 23/03/20)

Richard Woolford 21 Feb 2019 2 of 2 meeting held (10/10/19 & 23/03/20)
Bob Martin 13 Aug 2019 2 of 2 meeting held (10/10/19 & 23/03/20)

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.

Summary of Works in 2019/2020
• Business proposals – ATP & Next Generation/EY Foundation (10/10/19)
• Review of SyI Accounts (23/03/20)
• Audit Committee’s terms of reference (ToRs) in respect of its role in risk management, financial
reporting and internal controls supervision (review ongoing, commenced 16/04/20)

Review of Financial Results

The Audit Committee reviewed the unaudited 2019 Financial Statements for the Year ending 31 December
2019 (1). Based on this review and discussions with management, the Audit Committee was satisfied that the
Financial Statements were prepared in accordance with applicable accounting standards and fairly presents
the Security Institute’s financial position and results for the year ended 31 December 2019. The Audit
Committee therefore recommended the Financial Statements for the year ended 31 December 2019 be
approved by the Board of Directors.

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