In the latest attempt to clean up its questionable finances the Vatican has installed an independent auditor.
Milone will be autonomous, according to the Vatican, answerable only to the Pope and free to “go anywhere and everywhere” to review its finances and management.
Last year the Pope sacked the entire board of the Vatican’s financial watchdog – the all-male, all-Italian, Financial Information Authority (AIF). In December the Vatican announced it had found “hundreds of millions” of Euros, “tucked away” off balance sheets.
Milone, an ICAEW member, started his career in 1970 at Armitage & Norton Chartered Accountants in London. In 1975, he joined Deloitte & Touche, where he held numerous high profile positions including audit partner, head of human resources for Italy and EMEA. Later he was promoted to president and CEO of Deloitte Italy, as well as a member its worldwide board and governance committee.
Pope Francis has made efforts since his appointment to reform the Vatican’s discredited financial institutions. He appointed a new Secretariat for the Economy, Cardinal George Pell and replaced the majority of the cardinals in the commission that supervises the Vatican’s bank, the Institute for Works of Religion (IOR).
Pell has said previously that having an independent auditor was a key part of the "separation of powers" necessary for reforming the Vatican's financial activity.