On Monday, Pope Francis marked another first in in the history of papal orders. The Holy See has used a document called "Motu Proprio," which is a Latin translation of "by his own initiative" to open the usually-secretive books of the Vatican for inspection by outside experts, said Reuters. The title of Motu Proprio is reportedly "Faithful and Prudent Administrator."

According to the Vatican document, the changes, which will include the appointment of an auditor-general, will see the Church fulfilling its mission to evangelize, with a special focus on the poor and the needy.

Reuters said the document will elect a new Secretariat for the Economy, who will report directly to Pope Francis and will be headed by Archbishop of Sydney, Cardinal George Pell. Pell is reportedly the key proponent for financial transparency in a committee that provides advice to the pope. Moreover, a new Council for the Economy made up of seven lay financial experts and eight prelates from around the world will be guiding the Pell-headed Secretariat in policy making, according to a statement. An unnamed Church source told the news agency that Pell's new role will see him moving to Rome.

Referring to the changes, A statement by the Vatican read, "(The changes) will enable more formal involvement of senior and experienced experts in financial administration, planning and reporting and will ensure better use of resources, improving the support available for various program, particularly our works with the poor and marginalized".

The statement also said that the Administration of the Patrimony of the Apostolic See (APSA), who has been managing the Church's financial holdings and real estate, will officially take on the role of the central bank of the Vatican and perform all the obligations it is required of as a financial institution. A spokesman clarified that the role and structure of the separate Vatican bank, which is initially known as the Institute for Works of Religion (IOR), will be retained for the meantime.

The IOR and the APSA has been fielding several money fraud-related charges, Reuters said. The Vatican has since denied the allegations lodged against its financial units, the news agency said.