We have reviewed the report of the financial operations of the Corporation of the President of The Church of Jesus Christ of Latter-day Saints, together with those of the auxiliaries and other organizations for which accounts are maintained in the Financial Department of the Church for the fiscal year ended August 31, 1971. Attention was given particularly to the accounting and auditing procedures followed as to funds received and to the manner in which expenditures are controlled. We have determined that the expenditures of such funds are authorized by the First Presidency and by budgetary procedures. The budget is authorized by the Council on Disposition of the Tithes comprised of the First Presidency, members of the Council of the Twelve and the Presiding Bishopric.
The Financial Department of the Church has kept pace with current technological developments in record keeping and employs the most modern data processing equipment in maintaining its accounts. Auditing techniques and procedures are keeping abreast of the increased use of data processing equipment.
A regular audit of the entities referred to above is conducted by the Church Auditing Department, which is completely independent of all other departments. Incorporated businesses owned or controlled by the Church, for which accounts are not maintained in the Financial Department, are audited by professional auditing firms or by governmental regulatory agencies.
Based upon our review of the financial reports of the Corporation of the President of the Church of Jesus Christ of Latter-day Saints and explanations made by the personnel of the Financial and Auditing Departments of the Church, we are of the opinion that the assets of the Corporation of the President have been properly accounted for and expenditures of funds during the fiscal year ended August 31, 1971, were made in accordance with the established procedures outlined herein.
CHURCH FINANCE COMMITTEE
Wilford G. Edling
Harold H. Bennett
Glenn E. Nielson
Weston E. Hamilton
O. Leslie Stone