Paul Grant, Accountancy Age, Thursday 29 July 2010 at 09:32:00

$8.1bn of Iraqi oil revenue intended for reconstruction has vanished,official audit discovers


The US department of defence has brought in forensic accountants to trackdown missing oil revenue intended for reconstruction following the invasion ofIraq.

An official audit found that $8.1bn (5.2bn) of the $9.1bn revenue fromIraq?s oil allocated for the reconstruction effort during 2004-07 had vanished.

The report from the Special Inspector General for Iraq reconstructionunearthed the missing billions, having previously criticised the accounting bysenior officials in the past, reports the Guardian.