Since 1823 the Royal Physiographic Society of Lund has managed its finances with the help of auditors appointed by the Society. This audit is regularly reported to the Society at its February meeting.
Since 1948, independent accredited auditors have carried out the audit together with two internal auditors appointed by the Society. This audit is as a rule reported to the Society at its February meeting.
The audit previously concerned only the work of the President, the Treasurer and the Permanent Secretary. In 1997 the Society created a Board, and since this time the audit also concerns the work of the Board.
The audit is performed with high auditing standards (in accordance with Swedish auditing standards) and includes an Annual Report and an audit of the Board’s management.
Apart from this external control, the Society also has an internal financial control, partly according to the Society Charter of 1997 and partly according the Society’s usual practice. This practice results from investment rules that regulate how the Society’s financial investments should be managed. These investment rules are reviewed and approved by the Board each year.
Applicants that are awarded stipends by the Society are required to write a report about how their stipends were used for the research projects they applied for. This is a requirement for the award of a new stipend. This report is reviewed by a Fellow of the Society (the so-called “Inspector Stipendii”) who, with their signature, confirms that the stipend has been used in accordance with the original application.
Lund August 2010
Permanent Secretary and Treasurer