ROME
Accounting Today
ROME (APRIL 26, 2016)
BY MICHAEL COHN
The Vatican’s Holy See has suspended its contract with PricewaterhouseCoopers but stressed that the suspension is not due to problems with PwC’s work.
The Vatican has been struggling to straighten out its finances and appointed the former chairman and CEO of Deloitte & Touche Italy last year to oversee a cleanup of its scandal-scarred bank (see Former Deloitte Italy CEO Appointed to Audit Vatican). Pope Francis has pledged to replace the bank’s top management, which has been plagued for years by accusations of corruption, financial mismanagement and money laundering. However, the suspension of the auditing contract with PwC may be a sign that the struggle to properly audit the Vatican’s finances is far from over.
A spokesperson for PwC’s Italian firm declined to comment.
Note: This is an Abuse Tracker excerpt. Click the title to view the full text of the original article. If the original article is no longer available, see our News Archive.