Ten years after Congress ordered federal agencies to have outside auditors review their books, neither the Defense Department nor the newer Department of Homeland Security has met even basic accounting requirements, leaving them vulnerable to waste, fraud and abuse. An Associated Press review shows that the two departments' financial records are so disorganized and inconsistent that they have repeatedly earned "disclaimer" opinions, meaning that they simply cannot be fully audited.(AAS)
Ok, this continues to fascinate me. I can remember being a child and hearing anecdotes about the $100,000 toilets (was it on Johnny Carson or something maybe?). I am consistently amazed at the levels of incompetence. Here's why: "Failing an audit in any other venue could have dire consequences — a public company's stock could plummet, state and local governments could see bond and credit ratings sink."
Damn. Somebody tell these folks in Washington about QuickBooks. Better yet, they should hire the lady in our company in charge of expense reimbursements. That battle-axe refused to reimburse me for toothpaste one time because I ran out while I was on a trip. That's hardcore right there, my friends.
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