Wednesday, November 08, 2006
Audit finds $22.4 mn missing
Finance
The audit of 15 noncompetitive contracts paid for by US government agencies with Iraqi oil money was unable to account for $22.4 million in funds, a UN-led watchdog said on Monday. The audit by KPMG, ordered by the International Advisory and Monitoring Board (IAMB), said that in some cases Iraq did not receive goods and there were "unreconciled payments". The report also said there was no evidence that steps were taken to fix previously reported problems with corruption. The contracts varied from paying for guards for oil pipelines to training Iraqi police and military to the purchase of vehicles and food.
