Council agrees to end the role of honorary auditors of the Society
The Society’s Council has agreed to end the role of honorary auditor of the Society. The August
Council meeting agreed that the role has been made obsolete by the demands of modern corporate governance and it will therefore not continue under the regulations that will supersede the Society’s Byelaws.
Making its decision, the Council expressed its appreciation for the commitment
and contribution of all those members who have served as honorary auditors
over the years. It was agreed to consider how members might assist the
Council in fulfilling its responsibilities as guardian and trustee of
the Society in the future.
The Council noted that audit is a legal requirement for the Society’s
financial statements and that independent external financial auditors
must scrutinise the Society’s annual accounts and sign as to whether
they are a true and fair statement of the Society’s finances. In
addition, the Society has an audit committee to provide oversight of
its financial and non-financial control systems and of the standards
of financial information employed by the Society. An independent firm
of professional auditors also works with this committee and helps it
carry out its role across the Society’s functions. The Society
has in recent years reviewed its corporate governance to ensure that
it meets best modern practice.
A Byelaw
amendment is published in this week’s Journal (p241).
Members have 60 days in which to comment on the proposed amendment.
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