Pope Francis’s reforms to the Vatican Bank and attempts to restore its ethical credentials include new statutes. On Saturday Francis signed the new statutes and approved other changes to bolster the reforms that have cleaned out the once scandal-ridden institution. The reforms were initially launched by Francis’s predecessor Pope Benedict. Until Benedict and Francis sought Read more
Cardinal George Pell says the “full implementation” of financial reforms at the Vatican will take time. Cardinal Pell gave a statement to The Tablet in the wake of the Holy See announcing that a full audit by PricewaterhouseCoopers would not take place. Instead, PwC will assist an internal auditor-general with the work. The cardinal is Read more
The Vatican has cancelled the first full external audit of its finances, which was to have been done by a global accounting firm. The Vatican announced last week that PricewaterhouseCoopers (PwC) would no longer be responsible for the audit. Instead it will be performed by the Holy See’s Auditor General. In a statement, the Vatican Read more
Cardinal George Pell has pledged to serve his full five-year term as prefect of the Vatican’s Secretariat for the Economy. Although he turns 75 next month, the cardinal plans to continue in his current post until 2019. This was confirmed in a statement his office released late last month. A Crux article reported that, according to Read more
Pope Francis has ordered an unprecedented external audit of the Vatican’s wealth, including St Peter’s Basilica and the Sistine Chapel. The audit will look at financial investments, real estate and cultural assets. It will be performed by Price Waterhouse Coopers and will start immediately, said Vatican spokesman Fr Federico Lombardi, SJ. Assets that would never Read more
Members of religious orders should not be ignorant of economic realities in their own communities, the Vatican has told religious. A recent circular letter from the Congregation for Institutes of Consecrated Life and Societies of Apostolic Life dealt with the use of financial resources by religious orders. Under church law, each order is required to Read more
A second discussion document from the Ministry of Commerce sets out new proposals regarding audit and assurance requirements for large and medium-sized charities. It follows a consultation on tentative proposals last year which indicated concerns that the requirements captured too many charities and that these charities were not resourced to meet the new demands. Under the new proposals, charities Read more
Closer scrutiny of Charities is being proposed in a discussion paper released by Commerce Minister Craig Foss. “We don’t want a few organisations damaging the reputation of all New Zealand charities,” says Foss. “Charities make a valuable contribution to society and it’s important to get the balance right. They must be transparent and accountable but not Read more