Reformed Presbyterian Minutes of Synod 1997 - Rparchives.org

110 MINUTES OF THE 1997 SYNOD OF THE
DA Lb K. HAKIZbL
Certified Public Accountant
fax(412)452-2044
114 N. main STREET
ZEUENOPLE. PA 16063
Independent Auditor's Report
Trustees of the Synod of the Reformed
Presbyterian Church of North America
Pittsburgh. PA
We have audited the accompanying statement of financial position of the Trustees of the Synod of the Reformed
Presbyterian Church of North Amenca (the 'Trustees") as of December 31,1996, and the related statements of
activities, and cash flows for the year then ended. These financialstatements are the responsibility of the
management of the Trustees. Our responsibility is to express an opinion on these financial statements based on our
audit
We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financialstatement presentation. We believe that our audit provides
a reasonable basis for our opinion.
In our opinion, the financial statements referred lo above present fairly. In all material respects, except for the
described m the following paragraph the financial position of the Trustees of the Synod of the Reformed Presbyterian
Church of North America as of December 31, 1996, and the changes in its net assets and its cash flows for the year
then ended in conformity with generally accepted accounting principles.
As described in Note 5 to the financial statements, comprehensive actuarial reports and valuations are not availabl
lor the two pension plans maintained by the Trustees. Accordingly, the Information necessary to provide the
disclosures Zelienople, specified Pennsyl by Statements of Financial Accounting Standards Numbers 87 and 88 has not been determined
and April such 28.1997 disclosures have not been made. Additionally, pension benefits incurred under Pension Plan *A" have been
charged to expense when paid rather than determining pension expense using an acceptable actuarial cost method.
We believe that omission of the disclosure of the foregoing Information and failure lo determine pension expense
using accepted actuarial cost methods are departures from generally accepted accounting principles.