The Vatican suspended an audit by PwC in April, saying it wanted to review several key clauses. Since the election of Pope Francis in March 2013, the Vatican has enacted major reforms to bring it into line with international accounting standards. The Vatican on Friday scrapped a plan for a major international accounting firm to carry out its first full external audit but insisted the change would not affect its drive for financial transparency. Friday's statement said a new agreement had been reached with PwC that conformed with Vatican law and was more adaptable to the Vatican's needs. The Vatican, which is a sovereign state, said in a statement that the work would instead be done by its own Auditor General with assistance from Pricewaterhouse Coopers (PwC).

Source: The Star June 10, 2016 13:30 UTC