US Army committed $6.5 trillion in accounting fraud in one year.

In June the Defense Department’s Inspector General released a report on the US Army’s accounting – revealing that the Army had invented $6.5 trillion in ‘improper adjustments’ ($2.8T in one quarter!) to make its books appear balanced though it could not account for where the funds had gone.

The army had ‘simply made up’ many of the figures and lacked receipts or invoices to account for the missing money.

This is part of a wider pattern of financial fraud dating to at least 2013 when a Reuters investigation revealed widespread falsification in Army accounts.

Army accounting is so fanciful that the Inspector General’s reports always carry the disclaimer that ‘the basic financial statements may have undetected misstatements that are both material and pervasive’.

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Source: US Army committed $6.5 trillion in accounting fraud in one year / Boing Boing