Iraq Finance Audit Shows Lack of Controls (Halliaburton cited)

[maddezmom]

MARTIN CRUTSINGER, AP Economics Writer

WASHINGTON - An audit of Iraq (news - web sites)'s oil revenues revealed a lack of adequate financial controls and an inability to get information on large non-competitive contracts, including one awarded to Halliburton, the board established to monitor Iraq finances reported Thursday.



The International Advisory and Monitoring Board on Iraq released an audit prepared by accounting firm KPMG, which cited concerns about an inability to track how much oil is being produced in Iraq and a lack of proper internal controls on the money being spent.


The board, which met Wednesday and Thursday in Washington, said it had been unable to gain access to audits already done by U.S. agencies on a number of noncompetitive contracts awarded for various Iraq reconstruction projects including one given to Halliburton to repair Iraq's oil production facilities.


Halliburton, formerly headed by Vice President Dick Cheney (news - web sites), has been awarded more than $7 billion in Iraq contract work, including not only the oil production restoration project but also the feeding and housing of U.S. troops. Democrats in Congress have criticized those contracts.

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http://story.news.yahoo.com/news?tmpl=story&u=/ap/20040715/ap_on_re_mi_ea/iraq_oil_audit&cid=540&ncid=1478

[Mari333]

1. Rate this a 5...thats YOUR tax monies being totally wasted

and going into fatcat pockets..including Dickless Cheney's accounts.

[Barrett808]

2. Looks like it's being freeped: Avg Rating 1.44 with 49 votes

And "wasted" doesn't really begin to describe it -- "stolen" is more accurate.

[struggle4progress]

3. All the wingnut noise about the so-called "oil-for-food scandal" ...

... is simply intended to cover up this multibillion dollar CPA ripoff.

[Barrett808]

4. Check out this spin: No Evidence of Fraud in Iraq Oil Funds -- Watchdog

No Evidence of Fraud in Iraq Oil Funds -- Watchdog
By Lesley Wroughton

WASHINGTON (Reuters) - An international audit released on Thursday showed no evidence of fraud in the spending of Iraq's oil money by the U.S.-led authority that ran the country after last year's invasion.

But the interim audit said controls by the Coalition Provisional Authority over Iraq's oil revenues were not sufficient to ensure that all spending was made for the purposes intended.

The audit was requested by the International Advisory and Monitoring Board (IAMB), which includes the United Nations, the World Bank and the International Monetary Fund, was part of its U.N.-mandated task of watching over Iraq's oil revenues.

The IAMB said despite repeated requests it had not had access to US audits of noncompetitive bids handed out by the U.S-led authority to Halliburton, the Texas oil services firm once headed by Vice President Dick Cheney, and other firms.

It said it planned a special study of the contracts, which will be part of the next stage of the audit carried out by US accounting firm KPMG.

(more)

http://story.news.yahoo.com/news?tmpl=story&u=/nm/20040715/us_nm/iraq_oil_watchdog_dc&cid=1896&ncid=1480

[donco6]

5. No evidence of fraud, because they . . .

. . . don't HAVE ANY INFORMATION! Jeez.

I think we should give the whole thing a "going concern" recommendation. Any other accountants with me?

[struggle4progress]

6. Ain't it grand havin' no sense o' responsibility? eom