PracticeAuditPentagon struggles with $15bn hole in accounts

Pentagon struggles with $15bn hole in accounts

Audits reveal Pentagon has failed to account for billions in trucks, water grenades and machine guns

An audit passed to congressmen on influential committee has claimed that the
Pentagon did not have adequate documentation to accounts for up to $7.8bn
dollars of equipment bought from contractors for the Iraq reconstruction effort.

A report in the Washington Post said the audit claimed that
receipts, vouchers, signatures, invoices and other paperwork were missing in
such quantities that $7.8bn worths of equipment was unaccounted for.

An earlier audit unearthed problems in accounting for $5.2bn in goods, while
a senior Democrat politician, Henry Waxman has claimed that the Defense
Department has failed to account accurately for $1.8bn of seized Iraqi assets it
spent.

The Post quoted the department’s deputy inspector general for audit saying
that finance staff were not ‘adequately trained’.

Related Articles

PwC found negligent by US judge over Colonial Bank's $2bn fraud

Audit PwC found negligent by US judge over Colonial Bank's $2bn fraud

3w Alia Shoaib, Reporter
Deloitte South Africa investigated over Steinhoff audits

Audit Deloitte South Africa investigated over Steinhoff audits

1m Alia Shoaib, Reporter
Top 5 audit fines of 2017

Audit Top 5 audit fines of 2017

1m Alia Shoaib, Reporter
PwC replaces EY as Domino's auditor

Audit PwC replaces EY as Domino's auditor

1m Alia Shoaib, Reporter
The ‘uncomfortable truth’ behind FRC’s Big Four fines recommendations

Audit The ‘uncomfortable truth’ behind FRC’s Big Four fines recommendations

2m Carl Johnson, Stephensons
BDO holds off Big Four to retain top position as AIM auditor

Audit BDO holds off Big Four to retain top position as AIM auditor

2m Alia Shoaib, Reporter
FRC urged to fine Big Four firms penalties over £10m

Audit FRC urged to fine Big Four firms penalties over £10m

2m Alia Shoaib, Reporter
EY to audit Standard Chartered bank

Audit EY to audit Standard Chartered bank

2m Alia Shoaib, Reporter