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| Down Under |
| Australian Defence admits to $500m black hole |
| 2004-11-22 |
| Half-a-billion dollars worth of defence stock, from aircraft engines to army boots, cannot be accounted for by the Department of Defence. While the department insists there is no evidence to suggest anything is missing, management failures and an apparent inability to keep track of inventory means it can't be sure. In releasing its annual report on Monday, Defence Department Secretary Richard Smith admitted the department's financial management practices were not up to scratch, and a raft of reforms would be introduced. Among these, a representative of the Department of Finance and Administration and an expert from the private sector will join the Defence Department project board, responsible for preparing financial statements. Accounting firm Ernst & Young will also take on a lead role as overseer. A new stringent financial controls framework will be introduced. ---------snipped------- |
| Posted by:God Save The World |
| #5 Australian Defence admits to $500m black hole Just sign right here, LT. All the equipment is accounted for, you really don't need to waste time running around checking everything. You are coming to my retirement luncheon tomorrow, right?" Oh, the stories I could tell about "creative" shortage annexes on inventories. esp. post-Annual Training 0r change of command inventories. National Guard cs/css/maintenance units can loose frightening quantities of equipment over one year. |
| Posted by: N Guard 2004-11-22 6:19:14 PM |
| #4 "Just sign right here, LT. All the equipment is accounted for, you really don't need to waste time running around checking everything. You are coming to my retirement luncheon tomorrow, right?" |
| Posted by: Steve 2004-11-22 1:52:39 PM |
| #3 "I know it's in here someplace." |
| Posted by: Seafarious 2004-11-22 12:55:11 PM |
| #2 How I wish DOD couldn't find only $500 million of equipment. |
| Posted by: Mrs. Davis 2004-11-22 12:53:37 PM |
| #1 Lota beer nutz missing I'll wager. |
| Posted by: Shipman 2004-11-22 12:26:13 PM |