By MARTIN CRUTSINGER AP Economics Writer
An audit of Iraq'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, 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://www.620ktar.com/news/article.aspx?id=412716
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