In Temple Recommend interviews you are asked to acknowledge the current church president "holds all the keys" and "is the only person authorized to exercise them" on the earth today. This is a question we all answer. But in discussions with bishops, stake presidents, religion professors, friends and mission presidents, I've never been able to determine, nor has anyone been able to explain what is included. Below is the answer given in The Encyclopedia of Mormonism, (entry written by Alan Perish):
As far as it goes, I think this is a good attempt. But when church members are asked if the church president holds "all the keys" I cannot be certain the above definition is what is meant. Here is the clearest way I think it is illustrated:
From the smallest branch to the largest ward, through all the areas, missions, stakes, wards and branches of the church, there is not a single place in the church where President Thomas Monson would not be recognized as the presiding authority in any meeting he attended. He could go anywhere, in any location, in any meeting, and he alone would be the final authority. While a bishop presides and has the keys over his ward, and in that ward can call or release anyone to any position, President Monson would preside over that bishop if he were to attend the ward. No one would doubt or question whether President Monson could release and call a replacement bishop in that, or any, ward. The same is true of any stake president, or any mission president or any area authority, or any general authority. There is simply no one other than President Monson alone who holds the keys to put the church in order. Period.
I think this is the best definition of "all the keys."