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U.S. Army fudged its accounts by trillions of dollars, auditor finds
Topic Started: Aug 20 2016, 07:56 AM (260 Views)
Che On The Rocks

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U.S. | Fri Aug 19, 2016 5:34pm EDT

By Scot J. Paltrow | NEW YORK

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.
Reuters
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Deleted User
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Seems odd, since the overall US spending is less that $4T annually. Perhaps the author or auditor is mistaken, or has misplaced a comma?
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Robertr2000
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Why oh why is ANYONE surprised about this? Every branch of Government, all the Major Corporations, All the Too-Big-Too-Fail Banks does this today.




Oh but everything is fine..... :box:
"if that **** wins we'll all hang from nooses"
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Robert Stout
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This is called the "black budget" which pays for imaginative secret weapons and real Generals and defense contractors............ :lol:
Jesus can raise the dead, but he can't fix stupid
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George Aligator
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From the OP

wilmywood8455
Aug 20 2016, 08:09 AM
Seems odd, since the overall US spending is less that $4T annually. Perhaps the author or auditor is mistaken, or has misplaced a comma?
At first glance adjustments totaling trillions may seem impossible. The amounts dwarf the Defense Department’s entire budget. Making changes to one account also require making changes to multiple levels of sub-accounts, however. That created a domino effect where, essentially, falsifications kept falling down the line. In many instances this daisy-chain was repeated multiple times for the same accounting item.

This points to the fact that this is a story about accounting discrepancies. It doesn't mean all this is real money that some sargeant has under his mattress. We spend too much on the Pentagon, but it isn't quite as this article insinuates.
Edited by George Aligator, Aug 20 2016, 04:49 PM.
Conservatism is a social disease
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