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Vatican outsources even more financial reform, tapping KPMG, McKinsey to join Promontory, EY

The Vatican is outsourcing more of its financial reform to big-name consulting firms, tapping McKinsey & Co. and KMPG to advise it on modernizing its communications operations and bring its accounting up to international standards.

The decision was made Thursday by the commission of inquiry into the Vatican's overall financial health created by Pope Francis as part of his reforms.

Already, regulatory compliance firm Promontory Financial Group has installed two dozen people at the troubled Vatican bank to review its accounts and make sure they conform to international norms to fight money-laundering and terror financing. Promontory is also advising the Vatican's other main financial institution, APSA, which administers Vatican real estate.

Meanwhile the Vatican City State, which controls the money-making Vatican Museums, appointed consulting firm EY to check its books.