Canonized Accounting

So, I just took the Auditing section of the CPA exam on Wednesday. Contrary to what most people think, most CPAs DO NOT do taxes. There is much more to the work of an accountant. One of the primary services they provide is to audit financial statements for companies. Given this, I am always delighted every year as the church provides the audit report during April general conference. I was considering going line by line and talking about what everything in the report means (for example, whole books could have have been written about the implications of "independent", "control", "all records and systems", "safeguarding", "opinion", and other such terms that are used in common day language, but which have huge and significant implications when applied to the formal and prescribed verbiage of an audit opinion), but decided against it. Things like this remind me of how little 99.9% of the population understands about financial reporting, which sometimes makes me a little sad as that is what my career will be all about. I talk to people and say I am studying accounting, and I know they think they know what accounting is, but the vast majority of them do not. Anyways. That is a little pet peeve of mine that I rarely get the opportunity to express. Here is the full text to the opinion, which, while not in strict GAAS format (because it is not a GAAS audit), is close. One last thing--there are very few professions whose end product is canonized and sacradized as pure doctrine. Accounting is one of them. Here it is: To the First Presidency of The Church of Jesus Christ of Latter-day Saints Dear Brethren: As prescribed by revelation in section 120 of the Doctrine and Covenants, the Council on the Disposition of the Tithes authorizes the expenditure of Church funds. This council is composed of the First Presidency, the Quorum of the Twelve Apostles, and the Presiding Bishopric. This council approves budgets for Church departments and operations. After receiving the council’s authorization, Church departments are to expend funds consistent with approved budgets and in accordance with Church policies and procedures. The Church Auditing Department has been granted access to all records and systems necessary to evaluate the adequacy of controls over receipts of funds, expenditures, and safeguarding of Church assets. The Church Auditing Department is independent of all other Church departments and operations, and the staff consists of certified public accountants, certified internal auditors, certified information systems auditors, and other credentialed professionals. Based upon audits performed, the Church Auditing Department is of the opinion that, in all material respects, contributions received, expenditures made, and assets of the Church for the year 2007 have been recorded and administered in accordance with appropriate accounting practices, approved budgets, and Church policies and procedures. Respectfully submitted, Church Auditing Department Robert W. Cantwell Managing Director