Friday, July 09, 2004
Iraq Reconstruction

Audit Finds U.S. Administration of Iraqi Oil Funds 'Open to Fraudulent Acts'

Rep. Waxman releases a preliminary audit of the Development Fund for Iraq by KPMG that finds serious deficiencies in U.S. accounting practices and criticizes CPA officials for failing to cooperate with the U.N.-approved audit. Rep. Waxman asks Chairman Davis to subpoena documents relating to U.S. expenditures from the fund.