PwC has been appointed as external auditor by the Vatican’s Council for the Economy for the purpose of overseeing the consolidated financial statements of the religious organisation
In a statement issued over the weekend, the Council indicated that it has accepted a recommendation from its audit committee in appointing PwC to take up the role of external auditor.
The news comes at a time of transition and five months after the transition to new accounting policies based on International Public Sector Accounting Standards (IPSAS), which resulted in the Vatican bringing €1bn (£697,204,035m) in net assets onto its books, which were previously off balance sheet and unreported.
Publicly accounting for its finances is part of a reform set out by Pope Francis last year following years of speculation over secretive dealings and financial scandal involving a senior Vatican accountant who was investigated for allegedly helping rich wealthy individuals evade tax.
‘PwC will work closely with the staff of the Secretariat of the Economy and the 2015 audit will commence immediately,’ the Council said in its statement.
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