BackVatican turns to McKinsey, KPMG for reforms
McKinsey to work to make communication efficient; KPMG to help bring accounting procedures in line with international standards: Vatican
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Vatican City: The Vatican said on Thursday it had hired US management consultancy firm McKinsey and Co. and Netherlands-based auditors KPMG to modernize its communications and internal accounting, following a series of scandals.
McKinsey will help formulate “an integrated plan to render the organization of the Holy See’s communications more functional, efficient and modern,", the Vatican said in a statement.
KPMG will assist “in bringing the accounting procedures of all the entities of the Holy See in line with international standards", it said.
The Vatican’s reputation has been badly shaken by an Italian money laundering investigation against its bank, the Institute for Religious Works, as well as against an accountant accused of illegal transactions.
A series of leaks to the press also rocked the Vatican last year, revealing allegations of corruption and a cloak-and-dagger culture, and was seen as a factor in pope Benedict XVI’s momentous resignation this year.
His successor, Pope Francis, has set up special committees to overhaul the bank and Vatican finances in general and has promised greater transparency and adherence to international standards.
US accountancy giant Ernst and Young has already been called in to carry out an audit of internal Vatican finances and consulting firm Promontory Financial Group is now auditing the Vatican bank’s accounts.
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