Financial Audits

 

Financial Audit Reports are due by June 15.

An annual financial audit is a canonical requirement of The Episcopal Church.

Title 1, Canon 7, Sec. 1(f)-(g):

(f) All accounts of the Diocese shall be audited annually by an independent Certified Public Accountant. All accounts of Parishes, Missions or other institutions shall be audited annually by an independent Certified Public Accountant, or independent Licensed Public Accountant, or such audit committee as shall be authorized by the Finance Committee, Department of Finance, or other appropriate diocesan authority.

(g) All reports of such audits, including any memorandum issued by the auditors or audit committee regarding internal controls or other accounting matters, together with a summary of action taken or proposed to be taken to correct deficiencies or implement recommendations contained in any such memorandum, shall be filed with the Bishop or Ecclesiastical Authority not later than 30 days following the date of such report, and in no event, not later than September 1 of each year, covering the financial reports of the previous calendar year.

Audit Process and Submissions
The Diocese of Olympia has approved the use of a Simplified Audit Worksheet to be used by Congregational Audit Committees for small churches. Congregational Audit Committees should use the internal audit program which is based on the Manual of Business Methods in Church Affairs. Congregations that currently have audits performed by independent CPAs or an outside audit firm are encouraged to continue with conducting audits in this manner.

 

The Simplified Audit Worksheet is linked below:

 

Congregations with income of less than $200,000 may use the Alternative Audit Worksheet linked below:

 

Congregations should submit a full report from a Certified Public Accountant, or, if a congregation chooses to use it's own Internal Audit Committee, the appropriate worksheet above should be submitted. Please note that a letter saying the audit has been completed is insufficient. 

All audits, whether using the simplified audit or a certified public accountant, must be submitted online at https://dioceseofolympia1551.formstack.com/forms/financial_audit_submission or a hard copy may be mailed to Diocese of Olympia, Attn: Financial Audit, 1551 Tenth Ave E, Seattle, WA 98102. DO NOT SUBMIT VIA EMAIL.

 

Contact April Caballero, Executive Assistant, for support: exec-asst@ecww.org.