Office of the Treasurer of the ELCA provides many resources for congregations in the financial realm. Find them here: http://www.elca.org/Resources/Financial. Of particular interest may be the Audit Guide and Financial and Accounting Guide.
Congregation Audit: The ELCA Model Congregation Constitution requires that an annual audit of the congregation’s financial accounting be performed, but it does not define what a congregational audit is. While specifying that a three-member audit committee be elected by the council, it does not say what kind of work an audit committee must do. Nor is there any requirement that the audit be performed by a professional, or that it conform to generally accepted auditing standards, or that it be prefaced by the usual representations and caveats that auditing firms incorporate into their audits. Congregations vary greatly in size, ministries, resources and budgets. An audit committee is meant to provide the oversight necessary to promote a strong control environment and to afford reasonable assurance that good stewardship is being used in handling and accounting for the funds and other assets of the congregation. To a professional auditor or accountant, the audit intended for most congregational settings may be closer in professional jargon to a “review.” In some congregations, however, especially larger ones or those with significant endowments or others funds, it is highly advisable to have a professional audit conducted by a qualified independent accounting firm; but others, due to cost and budget considerations, may wish to have an independent member(s) of the congregation with an accounting or financial background perform the audit. If the congregation determines that this is not practical or economical to have an external audit every year, then it may be performed on a two or three year cycle with an internal audit performed in the interim years.
A Resource for the Closing of Congregations offers support, encouragement, and resources for congregations making a choice to close.