US Army cooks account books - News Agency of Nigeria

US Army cooks account books

Augus 19, 2016

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US Army

The accounts of US Army are so jumbled it had to make trillions of dollars of improper accounting
adjusments to create an illusion that its books are balanced.
The Defense Departments Inspector General, in a June report, said the US Army made $2.8
trillion in wrongful adjusments to accounting entries in one quarter alone in 2015, and $6.5 trillion
for the year. Yet the Army lacked receipts and invoices to support those numbers or simply made
them up.
As a result, the Armys fnancial satements for 2015 were materially missated, the report
concluded. The forced adjusments rendered the satements useless because

DoD and Army

managers could not rely on the data in their accounting sysems when making management and
resource decisions.

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Disclosure of the Armys manipulation of numbers is the lates example of the severe accounting
problems plaguing the Defense Department for decades.
The report afrms a 2013 Reuters series revealing how the Defense Department falsifed
accounting on a large scale as it scrambled to close its books. As a result, there has been no
way to know how the Defense Department far and away the bigges chunk of Congress annual
budget spends the publics money.
The new report focused on the Armys General Fund, the bigger of its two main accounts, with
assets of $282.6 billion in 2015. The Army los or didnt keep required data, and much of the data
it had was inaccurate, the IG said.
Where is the money going? Nobody knows, said Franklin Spinney, a retired military analys for
the Pentagon and critic of Defense Department planning.
The signifcance of the accounting problem goes beyond mere concern for balancing books,
Spinney said. Both presidential candidates have called for increasing defense spending amid
current global tension.
An accurate accounting could reveal deeper problems in how the Defense Department spends
its money. Its 2016 budget is $573 billion, more than half of the annual budget appropriated by
Congress.
The Army accounts errors will likely carry consequences for the entire Defense Department.
Congress set a September 30, 2017 deadline for the department to be prepared to undergo an
audit. The Army accounting problems raise doubts about whether it can meet the deadline a
black mark for Defense,

as every other federal agency undergoes an audit annually.

For years, the Inspector General the Defense Departments ofcial auditor has inserted a
disclaimer on

all military annual reports. The accounting is so unreliable that the basic fnancial
satements may have undetected missatements that are both material and pervasive.
Read More at :Reuters

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