@FedCFO Twitter Feed
Tuesday, February 21, 2006
"The Department of Defense (DOD) has failed its audit to the extent that auditors have stopped wasting money trying to audit their books, according to Black Enterprise. Problems with the Pentagon books has allowed the DOD to pay troops, civilian workers, and contractors the wrong amounts; to lose track of equipment, such as planes and tanks; and to document trillions of dollars in transactions improperly, according to Black Enterprise. Gregory D. Kutz, managing director of the General Accounting Office (GAO), told Congress last summer that these accounting problems would cost taxpayers $13 billion in 2005."