Whole Network Most Recent TOP10 Accounting Compliance Ethics SOX

 

Iraq's accounting black hole

Filed in archive Accounting by leon on December 07, 2007

tank.jpg

Several weeks ago, I did a blog entry highlighting how Iraq was an accounting black hole that's vulnerable to fraud and corruption.

Now we have revelations from CBS that $1 billion of military equipment has gone missing in Iraq and disclosures that United States commanders used sloppy accounting and could not always show that equipment, services and construction were delivered properly.

It coincides with a Government Accountability Office report which says that Pentagon's use of the terms "independent" and "fully independent" to describe Iraq Security Force units creates at best an intolerable level of ambiguity and impedes Congress in its oversight role.

The Huffington Post's Dina Rasor says enough is enough and it's time to act.

"To stop what is currently going on, the media and the Congress have to be relentless in exposing the fraud, no matter where the path leads and the public has to be fed up enough to start demanding reforms," Rasor writes."That is what happened in the 1980s with the spare parts scandals (remember the $7600 coffee brewer and the $436 hammer?) which lead to reforms (now defunct) and an actual freeze on the DOD budget in the middle of the Reagan military buildup. Things won't change unless the outrage becomes high enough that the editors are willing to run story after story, the Congress is willing to have hearing after hearing (covered by the media) and the public is willing to buttonhole every politician in Congress and complain or write a letter. Who will go first? Whoever is willing can become a hero for the country."


Advertisement


Permalink: Iraq's accounting black hole
Tags: Iraq  accounting    missing  equipment  2007  black+hole  iraq+accounting 

Trackback: http://www.creative-weblogging.com/cgi-bin/mt-tb.pl/105751



Advertisement


Advertisement


CW ToolbarInstall
RSSrss   | See all blog subscribe options
Googlegoogle   |   What is RSS?
Yahoo!yahoo
AddthisAddThis Feed Button
BloglinesBloglines
Newsletter

Use our search feature to look for other interesting posts

Just this blog Whole network
Advertisement -
Book yours here..


 
  • Would you like to have a new interactive marketing channel for your company? Learn more about Sponsored Blogs with Creative Weblogging. See how we helped companies like Weblin and cellity reach their goals.
  • Would you like to reach millions of blog readers every day? See you banner on hundreds of blogs with TierOneAds? Stay in control measuring conversion in real time. Register now.
  • Would you like to make more money blogging? Use TierOneAds a new platform that allows you as a blogger to set your prices per impression. Register now.
  • Do you have a blog with more than 50k page views from the US? Let us market your blog and earn great fix payments and bonuses.
  • Would you like to see your text link here? Let us know!
Advertisement
Book yours here.



  • Other blogs in the same channel in the Creative Weblogging Network

Advertisement -
Book yours here..






Advertisement - Book yours here..
 
Tagcloud: Accounting boards of directors Compliance corporate crime corporate governance corporate reputation Ethics events executive pay litigation markets regulators risk shareholder activism SOX Sponsored Blog strategy