Auditors say billions likely wasted in Iraq work

After years of following the paper trail of $51 billion in U.S. taxpayer dollars provided to rebuild a broken Iraq, the U.S. government can say with certainty that too much was wasted. But it can’t say how much.
In what it called its final audit report, the Office of the Special Inspector General for Iraq Reconstruction Funds on Friday spelled out a range of accounting weaknesses that put “billions of American taxpayer dollars at risk of waste and misappropriation” in the largest reconstruction project of its kind in U.S. history.
“The precise amount lost to fraud and waste can never be known,” the report said.
The auditors found huge problems accounting for the huge sums, but one small example of failure stood out: A contractor got away with charging $80 for a pipe fitting that its competitor was selling for $1.41. Why? The company’s billing documents were reviewed sloppily by U.S. contracting officers or were not reviewed at all.
With dry understatement, the inspector general said that while he couldn’t pinpoint the amount wasted, it “could be substantial.”
Asked why the exact amount squandered can never be determined, the inspector general’s office referred The Associated Press to a report it did in February 2009 titled “Hard Lessons,” in which it said the auditors — much like the reconstruction managers themselves — faced personnel shortages and other hazards.

Read more: http://www.google.com/hostednews/ap/article/ALeqM5gyNHdJW4uiPhJ89U1ebfSJfTsctA?docId=0eaf2d3e838841e1806a20563ba0e546

Advertisements
Leave a comment

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: