U.S. Army Fudged Its Accounts by Trillions of Dollars
August 19th, 2016Via: Reuters:
The United States Army’s finances are so jumbled it had to make trillions of dollars of improper accounting adjustments to create an illusion that its books are balanced.
The Defense Department’s Inspector General, in a June report, said the Army made $2.8 trillion in wrongful adjustments 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 Army’s financial statements for 2015 were “materially misstated,” the report concluded. The “forced” adjustments rendered the statements useless because “DoD and Army managers could not rely on the data in their accounting systems when making management and resource decisions.”
Disclosure of the Army’s manipulation of numbers is the latest example of the severe accounting problems plaguing the Defense Department for decades.
The report affirms a 2013 Reuters series revealing how the Defense Department falsified 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 biggest chunk of Congress’ annual budget – spends the public’s money.
I guess we now have a glimpse of the black projects budjet.
The DOD has had the same problem with the Army accounting practices for its assets and expenditures for years. YEARS. At least 20 years ago Army audit didn’t know what they owned or where it was. Since Army is rolled up into the overall DOD budget, methinks ALL, OR IF NOT MOST of the illegal, dark warlord expenditures are charged to the Army. Nice. Charge the whole scam of wars across the world and in space to the expense accounts of the Army. Let them take the hit. What a SCAM because its not the Army doing this scheming. ITS THE CONTRACTORS. Have a nice day.