PracticeAuditIraq oil exports resume without auditor

Iraq oil exports resume without auditor

Iraqi oil exports resumed on Sunday amid uncertainty about whether there was an independent auditor in place to ensure revenues are used to get the war-torn country back on its feet.

Link: Auditors to supervise Iraqi oil revenues

War damage and post-war looting has reduced Iraqi oil exports by 70% to some $18m (£10.8m) per day. At the weekend, two oil tankers received 700,000 barrels of Iraqi crude oil, a delivery that is expected to restart a larger export programme.

When the United Nations lifted Iraqi’s export ban last month, it ruled that the US/UK Coalition Provisional Authority in Iraq should appoint auditors to supervise transactions.

But Accountancy Age has learned that export has resumed without supervision, while the CPA centre in Baghdad seems unaware that it has to appoint an international monitoring board. ‘Ministry people say it is the UN who manages the distribution of money,’ said Major Betsy Dupoint in the CPA centre.

The UN, however, said it had no role in administering or supervising the new oil revenues.

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