Disdain for ecclesiastical authority- was and still is the prime heresy of the Waldenses. Excommunicated for this reason and delivered over to Satan, they have fallen into innumerable errors, and have blended the errors of earlier heretics with their own concoctions.
The misled believers and sacrilegious masters of this sect hold and teach that they are in no wav subject to the lord Pope or Roman Pontiff, or to the other prelates of the Roman Church, and that the latter persecute and condemn them unjustly and improperly. Moreover, they declare that they cannot be excommunicated by this Roman Pontiff and these prelates, and that obedience is owed to none of them when they order and summon the followers and masters of the said sect to abandon or abjure this sect, although this sect be condemned as heretical by the Roman Church. [. . .]
Moreover, the sect does not accept canonical authority, or the decretals or constitutions of the Sovereign Pontiff, any more than the regulations concerning fasts and the observance of the feasts or the decrees of the Fathers. Straying from the straight road, they recognize no authority therein, scorn them, reject and condemn them.
Moreover, the followers of the sect are even more perniciously mistaken concerning the sacrament of penance and the power of the keys. They declare they have received-this is their doctrine and their teaching-from God and none other, like the apostles who held it of Christ, the power of hearing the confessions of men and women who desire to confess to them, of granting them absolution and of prescribing penance. Thus they hear confessions, grant absolution and prescribe penance, although they have not been ordained as priests or clerics by a bishop of the Roman Church and although they are just laymen. They in no way claim to hold this power from the Roman Church, on the contrary, they deny it; and in fact, they hold it neither from God nor from His Church, since they have been cast out from the Church by this very Church, outside which there is neither true penance nor salvation.
Moreover, this same sect hold up to ridicule the indulgences established and granted by the prelates of the Church, saying they are worthless.
Moreover, they are in error with respect to the sacrament of the Eucharist. They claim, not publicly but secretly, that in the sacrament of the altar the bread and wine do not become body and blood of Christ when the priest who celebrates or consecrates is a sinner; and by sinner they mean any man who does not belong to their sect. Moreover, they claim, on the contrary, that any upright man, even a layman, without having received priestly ordination from the hands of a Catholic bishop, may consecrate the body and blood of Christ, provided he be of their sect. They believe that women too can do this, subject to the same condition. Thus they hold that any holy man is a priest.
Source: Bernard Gui, The Manual of the Inquisitor in Introduction to Contemporary Civilization in the West, 3rd ed. (N. York: Columbia Univ. Press, 1960), 1:198-204 (selections).