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
An improved internal audit code is "vital' to developing the City's risk management, former shadow chancellor Ed Balls has said
Internal auditors are earn more than external consulting auditors, analysis by salary-bench marking site Emolument.com has found
ICAS and the FRC have called for action to prevent a potential audit skills gap in the future, with the launch of a new report