MoD slated over finances.

The Ministry of Defence has been condemned for poor financial controls which led to millions of pounds of losses.

In a hard-hitting report, the public accounts committee also slammed finance chiefs for poorly-managed computing projects.

It commented: ‘A rapid resolution of the remaining problem accounts is required if parliament is to place reliance on the resource accounting produced by each department.’

Overall the MoD exceeded its expenditure limits by #37m and had to seek retrospective approval from parliament to make up the deficit.

PAC chairman David Davis MP said: ‘The MoD’s ill-considered attempts to develop bespoke IT systems and its inadequate system of control have led to significant losses of public funding. Taxpayers have a right to expect much better stewardship of their money.’

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