Failure To Employ Qualified Internal Auditors
In his second regulation, Bremer committed the Coalition Provisional Authority to hire a reputable firm of certified chartered accountants, to serve as internal auditors, to help make sure the Coalition's finances were administered according to modern accounting principles. These internal auditors would be separate and distinct from the external auditors who would report to the International Advisory and Monitoring Board. Bremer did not make sure the CPA hired internal auditors, however.
When the external auditors arrived, they learned that Bremer had not made sure the CPA lived up to the commitment to hire internal auditors to help set up a reliable accounting system. On the contrary they learned that a single contracted consultant kept track of the CPA’s expenditures in a series of spreadsheets.
The external auditors reported that rather than use a modern double-entry accounting system the CPA used what they described as “a single-entry, cash based, transaction list”.
Read more about this topic: L. Paul Bremer, Criticism and Controversies, Inadequate Financial Controls
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