GAO Slams DOD Contracting Agency Over Outdated Audits

Law360, New York (November 4, 2011, 6:09 PM EDT) -- The military has fallen behind on its audits of defense contractors, risking fraud, waste and other abuses as it relies on outdated audits of the contractors' accounting and other financial systems, according to a Government Accountability Office report released Thursday.

The Defense Contract Management Agency has struggled to keep up with its oversight functions, due to massive downsizing over the past several years, the report said. The U.S. Department of Defense is now working to rebuild and restaff the agency, hoping to add 4,100 civilian staff...
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