Audit Faults U.S. Accounting for Iraqi Oil Funds

[NNN0LHI]

http://story.news.yahoo.com/news?tmpl=story&u=/nm/20040709/wl_nm/iraq_oil_audit_dc&cid=574&ncid=1473

WASHINGTON (Reuters) - U.S. officials who ran Iraq (news - web sites) until last month used a system open to fraud and error to track about $20 billion in Iraqi funds spent during the occupation, accounting firm KPMG said in a report made public on Friday.


The U.S.-led Coalition Provisional Authority's underlying record-keeping "greatly diminishes the transparency of the expenditures made," the interim study said.


It also left the Development Fund for Iraq, a United Nations (news - web sites)-established means of shepherding Iraqi oil revenues during the U.S. occupation, "open to fraudulent acts," the report said.


KPMG said it had been unable to get information about Halliburton and other firms that received noncompetitive contracts from President Bush (news - web sites)'s administration funded by Iraqi oil proceeds.

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[PA Democrat]

1. Yes, but all of the the right-wingers are talking about

is the "Oil for Food scandal". Pay no attention to the man behind the curtain!