External audits slam US govt agencies
Have not met even basic accounting requirements
The audits left the agencies vulnerable to waste, fraud and abuse, a report
by Associated Press said.
According to AP, the two departments’ financial records are so disorganized
and inconsistent they cannot be fully audited.
The US government implemented external audits for government agencies in 1996
to ensure they comply with GAAP standards. Each year, those agencies are
required to release results of outside audits.