Whole Network Most Recent TOP10 Accounting Compliance Ethics SOX

 

More waste and fraud in Iraq

Filed in archive Ethics by leon on August 01, 2008

Iraq4.jpg


The office of the Special Inspector General for Iraq Reconstruction has put out a damning report on the $900 million construction project awarded to Parsons corporation for work done, or more to the point not done, in Iraq.

The report found that $142 million, or almost 43% of the contract's
disbursed funds, had been sent down the toilet, spent on projects that were either terminated or canceled. But the report also found that the US Government had colluded with all this. According to the report, these sorts of contracts usually require 50 to 60 contract officers to make sure everything is working. In this case, there were only 10 to 12. And the US Government was doing nothing to monitor the work not being done.

"SIGIR could not locate inventory records for items purchased by the contractor in support of construction activities and contract award documentation. The exact value of inventory purchased to support the task orders is unknown ... SIGIR found no evidence that the U.S. government tracked construction deficiencies to ensure that Parsons remediated faulty work on a timely basis."

Is it any wonder that the contractors and profiteers are cleaning up.






Permalink: More waste and fraud in Iraq
Tags: Special  Inspector  General  for  Iraq  Reconstruction  Parsons  iraq  fraud+iraq 

Trackback: http://www.creative-weblogging.com/cgi-bin/mt-tb.pl/130420



Related Entries:

Iraq auditing: shooting the messenger - 05 November 2006

Iraq watchdog lives again - 15 November 2006

Iraqi accounting system mismanaged - 26 October 2007

Iraq fraud probes - 29 October 2007

Advertisement


Advertisement


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

Use the search to look for other interesting posts



 
  • Advertise with us

  • Learn more about our advertising options or email advertising - at - creative-weblogging.com or give Luis a call at +1 (650) 331 8047.


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







 
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