Vatican calls halt to PwC audit

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The Vatican has temporarily suspended PwC’s external audit of its finances, the first by a non-Italian auditor, after four months amid concerns over potential ‘irregularities’ on the Holy See’s part in the signing of the original contract

There is no suggestion of any wrongdoing on the part of PwC, which was awarded a three-year contact to audit the Vatican’s complex finances at the end of last year. The contract was reportedly worth $3m (£2.1m) and was signed by Cardinal George Pell, who heads up the Vatican’s secretariat of the economy.

Now an archbishop named as Angelo Becciu has written a letter to every Vatican entity indicating that work on the audit will be halted to allow for checks on some aspects of the arrangements which have been agreed. These relate to concerns that there were procedural irregularities by the Vatican’s central administration over the way in which the contract was handled.

In a statement issued by his office, Cardinal Pell said he ‘was a bit surprised’ at the letter, ‘but anticipates that, after discussions and clarification of some issues, the work of PwC will resume shortly. The work of the internal auditor which covers all areas has not been interrupted’.

Pell, an Australian, was chosen by Pope Francis in 2013 to lead a drive for reform at the Vatican, which has been accused of some secrecy over its finances. Future plans included adopting globally accepted accounting standards and better internal controls, transparency and governance.

Pat Sweet | Reporter, Accountancy Daily [2010-2021]

Pat Sweet was the former online reporter at Accountancy Daily and contributor to the monthly Accountancy magazine, pub...

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