Army Accounting Off By TRILLIONS Audit Reveals
August 22, 2016
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9:11Now PlayingArmy Accounting Off By TRILLIONS Audit Reveals
YouTube Description
as posted by the channelAn audit shows that the US Army accounting books are a little off…by a couple trillion dollars. Cenk Uygur, John Iadarola, Jimmy Dore, and Ryan Clayton, hosts of The Young Turks, break it down. Tell us what you think in the comment section below.
“The United States Army’s finances are so jumbled it had to make trillions of dollars of improper accounting adjustments to create an illusion that its books are balanced.
The Defense Department’s Inspector General, in a June report, said 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.
As a result, the Army’s financial statements for 2015 were “materially misstated,” the report concluded. The “forced” adjustments rendered the statements useless because “DoD and Army managers could not rely on the data in their accounting systems when making management and resource decisions.”
Disclosure of the Army’s manipulation of numbers is the latest example of the severe accounting problems plaguing the Defense Department for decades.
The report affirms a 2013 Reuters series revealing how the Defense Department falsified accounting on a large scale as it scrambled to close its books. As a result, there has been no way to know how the Defense Department – far and away the biggest chunk of Congress’ annual budget – spends the public’s money.”
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Hosts: Cenk Uygur, John Iadarola, Jimmy Dore, Ryan Clayton
Cast: Cenk Uygur, John Iadarola, Jimmy Dore, Ryan Clayton
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