Saturday, September 15, 2007

Feds flunk audits

As reported by the AP the other day, Federal agencies flunk their audits. What does that mean for you and me? We have no way of knowing what we are really paying for as taxpayers. Congress passed legislation 11 years ago so that taxpayers could have more accountability and transparency, yet 2 of the largest departments (Defense and Homeland Security) cannot even meet the basic accounting requirements.

Even better, there are no repercussions for continued failure or wasteful spending. If a public company had performed this way, they would no longer be able to continue trading on the market as they would have had their stock delisted.

Congress really needs to step up and make these agencies accountable. Then again, if we had a real leader instead of a do-nothing President, perhaps some of these agencies would have cleaned up their act.

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