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U.S. Army Fudged its Accounts by Trillions of Dollars, Audit Finds
By Scot J. Paltrow
....The Defense Departments Inspector General, in a June report, said the Army made $2.8 trillion in wrongful adjustments to accounting entries in one quarter alone in 2015, and $6.5 trillion for the year. Yet the Army lacked receipts and invoices to support those numbers or simply made them up.
As a result, the Armys financial statements for 2015 were materially misstated, the report concluded. The forced adjustments rendered the statements useless because DoD and Army managers could not rely on the data in their accounting systems when making management and resource decisions.
Disclosure of the Armys manipulation of numbers is the latest example of the severe accounting problems plaguing the Defense Department for decades.
The report affirms a 2013 Reuters series revealing how the Defense Department falsified accounting on a large scale as it scrambled to close its books. As a result, there has been no way to know how the Defense Department far and away the biggest chunk of Congress annual budget spends the publics money....
As a result, the Armys financial statements for 2015 were materially misstated, the report concluded. The forced adjustments rendered the statements useless because DoD and Army managers could not rely on the data in their accounting systems when making management and resource decisions.
Disclosure of the Armys manipulation of numbers is the latest example of the severe accounting problems plaguing the Defense Department for decades.
The report affirms a 2013 Reuters series revealing how the Defense Department falsified accounting on a large scale as it scrambled to close its books. As a result, there has been no way to know how the Defense Department far and away the biggest chunk of Congress annual budget spends the publics money....
http://www.informationclearinghouse.info/article45310.htm
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U.S. Army Fudged its Accounts by Trillions of Dollars, Audit Finds (Original Post)
Mr_Jefferson_24
Aug 2016
OP
deathrind
(1,786 posts)1. That's...
A "T" for trillions that is missing and right now both candidates propose an increase in the defense budget...but universal healthcare and education is too expensive and will never happen.
Mr_Jefferson_24
(8,559 posts)2. A truly staggering amount to be unaccounted for.
One ICH commenter noted that the last time it was made public that trillions (2.3 trillion announced by Rumsfeld on 9-10-2001) was missing from the Pentagon budget, three buildings came down the next day and the Pentagon sustained a damaging hit that conveniently destroyed the accounting offices where this matter was being investigated.
Purely coincidental I'm sure.
Dan de Lyons
(52 posts)3. When did they first
notice that it was missing?
NBachers
(17,081 posts)4. Where's the last place they remember having it?