Vatican authorizes first-ever external audit, by Pricewaterhouse

December 07, 2015

The Vatican has approved an unprecedented outside audit of all its assets, income, and expenses.

The Council for the Economy, pursuing its campaign for transparency in Vatican finances, has engaged the international accounting firm, PricewaterhouseCoopers, to perform the audit.

The audit will begin immediately, the Vatican has disclosed. PricewaterhouseCoopers will work with the Secretariat for the Economy to review all financial statements.

Cardinal George Pell, the prefect of the Secretariat for the Economy, has pressed for more rigorous accounting of Vatican financial affairs, especially in light of complaints that Vatican assets have been undervalued. Cardinal Pell himself estimated those assets—including real-estate holdings and artworks as well as financial investments-- at over $3 billion.

 

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Further information:

• New external auditor for Consolidated Financial Statements (VIS)
• Auditor hired amid effort at reform (AP)
• PricewaterhouseCoopers to audit the Vatican (AFP)
• Pursuing transparency, Vatican orders external audit of assets (Reuters)
• Pope authorizes full audit of Vatican assets (CWN, 12/1)