PwC will conduct the first ever external audit of the finances of the Vatican

PwC will conduct the first ever external audit of the finances of the Vatican

Moscow. December 6. Pope Francis has appointed its first external audit of the consolidated financial statements of the Vatican, writes The Wall Street Journal.

For this test, the selected auditing company PricewaterhouseCoopers (PwC). She will begin work immediately, the report of the Holy see.

The Vatican has long been causing claims for non-transparent banking and other financial activities. The external audit will be conducted in the framework of the Pontiff promised reforms in the governance of the Catholic Church and the fight against corruption in the Vatican.

Brand PwC firms in the global network of PricewaterhouseCoopers International Ltd. (PwCIL). The company in 2014 exceeded 195 thousand employees working in 157 countries of the world.

The so-called Vatican Bank (officially known as the Institute for religious activities, the DRC) published its first annual report in its history in early October 2013.

In 2014, the IPD increased its net profit by almost 24 times to 69.3 million euros from 2.9 million euros a year earlier. Assets under management amounted at year end to 3.2 billion euros, with total assets of almost six billion euros.

The Bank last year by the decree of the Pope was replaced in the fight against corruption. After the arrival of new top managers of the IRD refused to work with hundreds of clients and has significantly increased the transparency of activities.

The DRC works not like all other banks in the world. The Bank staff a little more than 100 people, mostly Italians. Oversight function performed by the cardinals.

The Vatican Bank rarely makes loans, but accepts deposits (the total amount of slightly more than 2 billion euros), the translation holds and invests the assets. The number of clients of the Bank exceeds 15,18 thousand, about half of them – the various Catholic orders, another 14% came from the institutions of the Holy see, 9 percent of the cardinals, bishops and priests, 8% – the various dioceses, the remaining members of the Catholic community.

About 25% of the Bank’s transactions are cash transactions, and in the current situation of the financial sector this is more than enough to suspect him of money laundering. Any operations in the DRC are conducted in a complex way, to understand who their beneficiary and whose accounts payments are made, often impossible.