Firm issues annual WCG audit

By Ronald Kelly

Once again we are pleased to report that we have received good news from our independent auditing firm, PricewaterhouseCoopers.

Our accounting and financial records have been given an unqualified opinion. In accounting terms, that means an independent professional auditing firm has carefully reviewed the financial records of the Worldwide Church of God for 2001 and issued an opinion.

Their opinion includes this primary overview statement: "In our opinion, the accompanying consolidated statement of financial position and the related consolidated statements of activities and changes in net assets and cash flows present fairly, in all material aspects, the financial position of Worldwide Church of God (the "church") and its subsidiaries at December 31, 2001, and the changes in its net assets and its cash flows for the year then ended, in conformity with accounting principles generally accepted in the United States of America."

For many years the church has retained the professional services of an independent and respected firm of certified public accounts to examine our books and issue an opinion. These procedures provide confidence to banks, financial institutions and businesses with whom the church interacts.

Church members should also feel confident that the financial affairs of the church are handled with integrity and in a professional manner. To issue an unqualified opinion, members of the PricewaterhouseCoopers staff spent several weeks examining the assets, liabilities, income and expenses of the church and reviewing church accounting procedures and financial reporting. If they were to find inappropriate record-keeping or would find that the church financial picture did not meet their high professional standards, they, of course, would not issue the desired unqualified opinion.

Because the annual auditor’s report is quite lengthy and technical in nature, we do not publish it in the WN. However a copy can be sent to any Worldwide Church of God member who requests one. If you need a copy of the audit, send your request to Ronald Kelly, Controller, Worldwide Church of God, 300 W. Green St., Pasadena, California, 91123. In your letter, please note the congregation you attend.

Of course we’ll keep you posted on the general financial trends with our monthly update column in the WN. For most of our members, these monthly updates provide an appropriate overview of the financial affairs of the church.

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