PwC to audit Vatican accounts

By Michael McGlinchey, CA Today

7 December 2015

The Holy See appoints PwC to audit its accounts, in a further step towards financial transparency.

The Vatican has appointed PricewaterhouseCoopers to audit its accounts – the first time it has engaged an external auditor.

The move is viewed as another step towards economic reform and greater transparency by Pope Francis.

The Holy See announced that PwC would be working on its consolidated financial statements for 2015.

Pope Francis has promised to reform the Holy See's financial practices and align them with international standards.

Last year, he appointed Australian Cardinal George Pell to oversee the finances of the headquarters of the Roman Catholic Church.

In an interview with The Catholic Herald, Cardinal Pell, the prefect of the Vatican’s new Secretariat for the Economy, said he would instill modern accounting standards and ensure money previously “tucked away” would now appear on the balance sheets. The cardinal said there was no suggestion of wrongdoing but stressed that transparency was needed.

Cardinal Pell has announced a series of reforms, including the appointment of a lay person as auditor general. Libero Milone, a former chairman of Deloitte Italy, took up the role in June 2015.

Speaking to the Catholic Herald, Cardinal Pell said: “These reforms are designed to make all Vatican financial agencies boringly successful, so that they do not merit much press attention. Such ambitions cannot ensure that we will not find some static on the lines in the next year or so. But we are heading in the right direction.”


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