Confidential APSA audit led to 2022 order repealed by Leo

An audit of the Holy See’s sovereign asset manager said it was in need of “urgent” reform

A 2021 audit of the Holy See’s sovereign asset manager said it was an “urgent” issue that APSA lacked basic risk management controls, had no long term planning function, and operated on opaque investment policies.

The report, delivered by the Holy See’s Financial Information and Supervisory Authority, came shortly before a 2022 order from Pope Francis, w…