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View Full Version : "The Equation" -- DFI Audit Year End 2009 -- Report to IAMB April 28th --- Many ?????



Scooter
05-15-2010, 03:36 PM
Team,

Below is the link to the draft Development Fund (DFI) audit by KPMG. If you aren't aware, all the oil revenues (imports/exports), seized assets internally and foreign are to be transferred into this account. This is the account that provides the funds to Iraq for Budgets, and it's debtors like Kuwait, United States, and UK to name a few.

http://www.iamb.info/auditrep/DMSDR1S-4190045-v1-IAMB-DFi%20Audit%20presentation%20from%20KPMG.PDF

After thoroughly time-tracking this fund there's still significant $$$$$$ missing from the Ministry of Finance --- apparently a bomb hit the MoF building and recovery of data has been difficult. Nevertheless, theres still considerable assets missing from MoF that need accounted for. The reason this becomes important is that those funds are Iraqi assets that get infused on Balance Sheets. That equity is used to calculate RV Rate.

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Below are links to GAO and IAMB documents that refer to missing assets.

April 28, 2008 -- Transferring Reconstruction Projects to GoI ---- Progress Made by Further Improvments Needed to Avoid Waste
http://www.sigir.mil/files/audits/08-017.pdf

April 29, 2006 SIGIR -- US Agency for International Development Management of the Transfer of Iraq Relief and Reconstruction Fund Projects to the GoI
http://pdf.usaid.gov/pdf_docs/PCAAB442.pdf

Jan. 26, 2006 -- GRD-PCO Management of Transfer of IRRF-Funded Assets to the Iraqi Government.
http://www.sigir.mil/files/audits/05-028_Asset_Transfer_GRD-PCO_FINAL_Report.pdf

October 30, 2004 -- Office of the Inspector General Coalition Provisional Authority - Report to Congress
http://www.sigir.mil/files/quarterlyreports/October2004/Report_-_October_2004.pdf

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How much $$$$$ is missing, recovered, or consumed is the question -- what is left, if any?

I'll keep you posted,

Scooter



Enjoy,


Scooter