The Ministry of Defense has been found to have gaping holes in its record
keeping systems with £6.6bn in inventoried military equipment, missing.
The National Audit Office has refused to sign off on the MoD’s accounts
citing an `inadequate level of evidence’ regarding the existence of assets, The
Financial Times reports.
The misplaced stock includes machine guns, night vision goggles, encrypted
radios, body armour along with £350m worth of fighting vehicles.
An internal audit has begun aimed at overhauling the internal management
systems. The MoD said the stock was `never physically lost’ and that the audit
office’s figure was an `extrapolation’.
Read the full story:
‘missing’ £6.6bn of hardware
Simon Wright of CareersinAudit.com discusses how an effective cyber defence force is critical to businesses worldwide and how internal auditors can make the transition to a new career in cyber security
The FRC has said that the investigation will 'consider, but not be restricted to, issues regarding misstated accounting balances'
Craig Maxwell joins the audit and assurance team in Scotland
Stephen Grayson to join the audit department in Manchester