It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Thank you.
Some features of ATS will be disabled while you continue to use an ad-blocker.
Originally posted by KMFNWO
Does anyone remember this? Anyone care to speculate on what 2.3 trillion dollars could be utilized for. Anyone care that this announcement was made the day before the worst Terrorist attack this country has ever seen since Pearl Harbor.
This subject would have been non-stop every night for a good long while if something "Catastrophic" had not happened the very next day and it was summarily shoved under the rug and forgotten.
n fiscal 1999, a defense audit found that about $2.3 trillion of balances, transactions and adjustments were inadequately documented. These "unsupported" transactions do not mean the department ultimately cannot account for them, she advised, but that tracking down needed documents would take a long time. Auditors, she said, might have to go to different computer systems, to different locations or access different databases to get information.
But, speaking of deficits and surpluses, Walker again has raised the issue of the apparent inability of federal agencies properly and accurately to account for funds entrusted to them by taxpayers. For example, the Department of Defense (DoD), which has in the last two years received tens of billions of additional funds to fight wars in Afghanistan and Iraq, has been on the high-risk list since the list's inception. According to Walker, "DoD's financial-management deficiencies represent the single largest obstacle to achieving an unqualified opinion on the U.S. government's consolidated financial statements. To date, none of the military services or major DoD components have passed the test of an independent financial audit." In other words, because of DoD's inability properly to account for its funds, the entire federal ledger cannot be balanced. Among the DoD's financial-management "deficiencies" is the agency's inability to account for $1.1 trillion. Insight pointed out in April of last year that, according to Assistant Inspector General for DoD Auditing David Steensma, "we reported that DoD processed $1.1 trillion in unsupported accounting entries to DoD component financial data used to prepare departmental reports and DoD financial statements for [fiscal year] 2000" [see "Government Fails Fiscal-Fitness Test," May 20, 2002. That is, when the Clinton administration turned over the Pentagon to the Bush team some $1.1 trillion was missing or unaccounted for.
Pentagon's finances in disarray
By JOHN M. DONNELLY The Associated Press 03/03/00 5:44 PM Eastern
WASHINGTON (AP) -- The military's money managers last year made almost $7 trillion in adjustments to their financial ledgers in an attempt to make them add up, the Pentagon's inspector general said in a report released Friday.
The Pentagon could not show receipts for $2.3 trillion of those changes, and half a trillion dollars of it was just corrections of mistakes made in earlier adjustments.
Each adjustment represents a Defense Department accountant's attempt to correct a discrepancy. The military has hundreds of computer systems to run accounts as diverse as health care, payroll and inventory. But they are not integrated, don't produce numbers up to accounting standards and fail to keep running totals of what's coming in and what's going out, Pentagon and congressional officials said.
August 18, 2000
The DFAS centers processed approximately $7.6 trillion in department-level accounting entries to DoD Component financial data used to prepare departmental reports and DoD financial statements for FY 1999. Of the $7.6 trillion in department level accounting entries, $3.5 trillion were supported with proper research, reconciliation, and audit trails. However, department-level accounting entries of $2.3 trillion were made to force financial data to agree with various sources of financial data without adequate research and reconciliation, were made to force buyer and seller data to agree in preparation for eliminating entries, did not contain adequate documentation and audit trails, or did not follow accounting principles. We identified but did not have adequate time or staff to review another $1.8 trillion in department level accounting entries. The DoD Agency-Wide financial statements for FY 1999 were subject to a high risk of material misstatement. The sheer magnitude of department-level accounting entries required to compile the DoD financial statements
for FY 1999 highlights the difficulties and problems that DoD encountered in attempting to produce accurate and reliable financial information using existing systems and processes. The largest number of department-level accounting entries were made for the Navy General Fund because DFAS Cleveland Center processed both monthly and year-end department-level accounting entries for the Navy General Fund. For details of the audit results, see the Finding section of the report. See Appendix A for details of the management control program as it relates to the processing of department level accounting entries.
January 7, 2001
The Defense Department's inspector general recently identified $6.9 trillion in accounting entries, but $2.3 trillion was not supported by adequate audit trails or sufficient evidence to determine its validity.
Another $2 trillion worth of entries were not examined because of time constraints, and therefore, the inspector general was able to audit only $2.6 trillion of accounting entries in a $6.9 trillion pot.
Originally posted by mrwupy
What I find interesting is the yearly budget for defense is roughly 350 billion.
If the entire budget is 350 billion, how the hell did they lose 2.3 trillion????
Just how much money is the black budget getting????
It's sure got me scratching myself in ways and places that 47 year old men are known the world over for scratching.
By JOHN M. DONNELLY The Associated Press 03/03/00 5:44 PM Eastern
WASHINGTON (AP) -- The military's money managers last year made almost $7 trillion in adjustments to their financial ledgers in an attempt to make them add up, the Pentagon's inspector general said in a report released Friday.
The Pentagon could not show receipts for $2.3 trillion of those changes, and half a trillion dollars of it was just corrections of mistakes made in earlier adjustments.
Each adjustment represents a Defense Department accountant's attempt to correct a discrepancy. The military has hundreds of computer systems to run accounts as diverse as health care, payroll and inventory. But they are not integrated, don't produce numbers up to accounting standards and fail to keep running totals of what's coming in and what's going out, Pentagon and congressional officials said.
"These ($6.9 trillion in) entries were processed to force financial data to agree with various data sources, to correct errors and to add new data," the inspector general said. "The magnitude of accounting entries required to compile the DoD financial statements highlights the significant problems DoD has producing accurate and reliable financial statements with existing systems and processes."
Originally posted by KMFNWOThis subject would have been non-stop every night for a good long while if something "Catastrophic" had not happened the very next day and it was summarily shoved under the rug and forgotten.