TRUST THE MILITARY? The U.S. Army fudged its Accounts by Trillions of Dollars, Auditor finds
August 19, 2016, CNBC/Reuters
http://www.cnbc.com/2016/08/19/reuters-america-us-army-fudged-its-accounts... [LINK NO LONGER VALID]
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 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. The amounts dwarf the Defense Department’s entire budget. 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. This is the latest example of the severe accounting problems plaguing the Defense Department for decades. 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. "Where is the money going? Nobody knows," said Franklin Spinney, a retired military analyst for the Pentagon.
For years, the Inspector General — the Defense Department's official auditor — has inserted a disclaimer on all military annual reports. The accounting is so unreliable that "the basic financial statements may have undetected misstatements that are both material and pervasive." DFAS [Defense Finance and Accounting Services] also could not make accurate year-end Army financial statements because more than 16,000 financial data files had vanished from its computer system.
$6.5 trillion is the equivalent of $20,000 for every citiizen of the US. If any business or other branch of government had balance sheets like this, it would be all over the news with people demanding reform. Why does the military get away with this year after year?
August 19, 2016, CNBC/Reuters
http://www.cnbc.com/2016/08/19/reuters-america-us-army-fudged-its-accounts... [LINK NO LONGER VALID]
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 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. The amounts dwarf the Defense Department’s entire budget. 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. This is the latest example of the severe accounting problems plaguing the Defense Department for decades. 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. "Where is the money going? Nobody knows," said Franklin Spinney, a retired military analyst for the Pentagon.
For years, the Inspector General — the Defense Department's official auditor — has inserted a disclaimer on all military annual reports. The accounting is so unreliable that "the basic financial statements may have undetected misstatements that are both material and pervasive." DFAS [Defense Finance and Accounting Services] also could not make accurate year-end Army financial statements because more than 16,000 financial data files had vanished from its computer system.
$6.5 trillion is the equivalent of $20,000 for every citiizen of the US. If any business or other branch of government had balance sheets like this, it would be all over the news with people demanding reform. Why does the military get away with this year after year?
Government Corruption, Military Corruption
Government and Military Corruption: Major government corruption and military corruption reported by CBS News and other major media and government documents. Links for verification provided. Trillions missing at DOD.
www.wanttoknow.info
