Wednesday, July 28, 2010

Report: Billions for Iraq reconstruction unaccounted for; lax oversight blamed - CNN.com

Report: Billions for Iraq reconstruction unaccounted for; lax oversight blamed - CNN.com

Baghdad, Iraq (CNN) -- A federal audit of $9.1 billion targeted for reconstruction in Iraq cannot account for more than 95 percent of it, a federal report said Tuesday.

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

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