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Vatican tasks outside firm EY to check finances

Monday - 11/18/2013, 3:50pm  ET

VATICAN CITY (AP) -- The Vatican has hired another international consulting firm to review its finances as Pope Francis' economic reforms push up a gear.

The Vatican said Monday that EY, formerly known as Ernst & Young, will "verify and consult" on the economic activity of the Vatican City State administration, which controls the money-making Vatican Museums, post office and tax-free department store.

Meanwhile, U.S.-based consulting firm, Promontory Financial Group, has been tasked with overhauling the Vatican's scandal-marred bank and its other main financial department, APSA, which controls the Vatican's real estate holdings.

In one of his first acts in office, Francis created commissions of inquiry for the bank and the overall Vatican administration to cut waste and improve transparency.

The commission, which includes an EY employee, recommended EY for the job.


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