Grassley Calls On DOD To Improve Contract Audits

Law360, New York (September 9, 2010, 5:08 PM EDT) -- Sen. Chuck Grassley, R-Iowa, has issued a report criticizing the audit process at the U.S. Department of Defense, saying inaccurate financial data is hindering the department's efforts to root out waste and fraud.

The 73-page report released Wednesday claims a series of “breakdowns” in the auditing process at the DOD's Office of the Inspector General have made it impossible in some cases to link payments with contracts.

The most significant problem, the report said, is a broken accounting system that does not provide complete or accurate...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.