Apparently, a federal audit of $9.1 billion aimed at reconstruction in Iraq cannot account for more than 95 percent of it, a federal report announced Tuesday.

According to CNN, “the report, by the Special Inspector General for Iraq Reconstruction, blamed ‘weaknesses in DoD’s (the Department of Defense’s) financial and management controls’ and called on the Pentagon to improve its financial and management controls.”

The audit focused upon the Development Fund for Iraq (DFI) that was established in May 2003 by the Coalition Provisional Authority (CPA).

After dissolving the CPA in June 2004, the government of Iraq authorized the U.S. government to administer the funds utilized for reconstruction.

Until the end of 2007, the Pentagon managed the DFI funds when its authority was withdrawn.

CNN quotes the report as concluding that, “this situation occurred because most DoD organizations receiving DFI funds did not establish the required Department of Treasury accounts and no DoD organization was designated as the executive agent for managing the use of funds’ the report concluded. ‘The breakdown in controls left the funds vulnerable to inappropriate uses and undetected loss.’”

To read the entire article from CNN, link here:

This e-mail address is being protected from spam bots, you need JavaScript enabled to view it

Comments (1)

Comment	smaller | bigger
Name
Write the displayed characters
Subscribe via email (Registered users only) I have read and agree to the Terms of Usage.
	Add Comment