Report: U.S. Army Manipulated Its Accounting Entries by Trillions of Dollars
The U.S. Army manipulated its accounting entries by trillions of dollars in an attempt to make its books appear balanced, making it impossible to uncover how the branch spends taxpayer money, according to a government audit.
Reuters reported Friday, citing a June report from the Defense Department’s Inspector General:
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.
The report concluded that the Army’s 2015 financial statements were “materially misstated” because of the “forced” adjustments, which made its financial statements useless.
“DoD and Army managers could not rely on the data in their accounting systems when making management and resource decisions,” the report stated. – READ MORE