Parish Audits
Diocesan Canon XXXIV requires that an annual audit be performed in each Parish and Mission, due by September 1st, covering the financial reports of the previous calendar year.
All accounts of the church must be audited annually either by a professional accountant, or by a committee of two (2) persons who are communicants of the mission or parish appointed by the Vestry or mission committee, none of whom shall have functioned as Treasurer, bookkeeper, or held any responsibility for the accounting records during the period under audit. Additionally, the diocese has an internal auditor who can do this for $46 per hour plus travel and lodging expense. This is a good alternative for churches who are unable to form a committee, but who cannot afford the expense of a CPA audit. Please contact Nancy Armstrong in the diocesan office (843-722-4075, Ext. 3040) for further information on the audit program, or to have our auditor contact you.
If a professional accountant performs the audit, please send a copy of the opinion letter and the audited financial statements to Office of the Treasurer, P. O. Box 20127, Charleston, SC 29413.
If a committee performs the audit, members must complete the enclosed audit certificate. The audit committee should send a year-end financial statement consisting of a balance sheet and income statement, along with the certificate. Your audit is not considered complete unless these documents are received. An audit-by-committee packet of instructions is available to those congregations who choose this method, You may download the packet documents below or they may be obtained by contacting Nancy Armstrong in the diocesan office (843-722-4075, Ext. 3031)
The Audit-by-Committee packet includes:
Instructions for the Audit Committee
A List of Pre-audit Documents Required for Review
The Manual of Business Methods
An Audit Committee Certificate,
For internal audits, our auditor will furnish the appropriate documents to the diocesan office.
Please do not overlook this important task. Vestries are charged with the fiduciary responsibility for all church affairs, and overlooking this would be deemed as serious negligence on the part of its members. Additionally, by resolution of the Department of Congregational Development, any aided church that does not have a current audit on file in the diocesan office by the deadline may not receive funds either from the diocesan budget or from Builders for Christ.
Important: A compilation is NOT an audit. CPA’s are not permitted to ask questions in a compilation, therefore this affords no protection or assurance to the church leadership or its members. Accordingly, compilations will not be accepted.
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