Wednesday, December 15, 2004

 

"Oil For Money Scandal" just doesn't have the same ring to it, I guess

That must be the only reason why there isn't as much hype over the scandalously lax accounting of Iraqi oil export revenues under US oversight. According to this AFP story:
KMPG [the auditor of the Development Fund for Iraq] issued two reports this year covering the period from May 22, 2003 to June 28, 2004. According to IAMB [International Advisory and Monitoring Board], the auditor reported "a number of important weaknesses in the overall financial management system."

The irregularities included "an absence of control over oil extraction," frequent accounting inadequacies, lax financial controls, and improper contracting procedures "in particular the use of single-source contracting."

KPMG also found "several control weaknesses ... at the Iraqi spending ministries or the beneficiaries of resources" and that "documentation to support contracts was often incomplete or deficient," adding that it was "denied access to certain ministeries."

IAMB said the external auditing reported "that the CPA believes that an unknown quantity of petroleum and petroleum products was smuggled out of Iraq, especially in the early months of post-hostilities."
Oh, and you guys will never believe who has got their fists elbow deep in this money grab. No, seriously, it's Halliburton.
The board said it had requested the "special audits" after finding that "some contracts using DFI (Development Fund for Iraq) funds had been awarded to a Halliburton subsidiary without competitive bidding."

Comments:
Yeah but but but the audit commission is just some UN thing, nothing we have to take seriously or anything and besides, it's probably all full of America-haters. What I really enjoyed in that story was the fact that the auditors kept saying they were being stonewalled by the US when they asked for documents. Hm. That sure do sound familiar...

Aunt Deb
 
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