Subscribe to our free daily newsletters
. Military Space News .




Subscribe to our free daily newsletters



MILPLEX
Pentagon accounting problems 'serious': Treasury

US lawmakers unveil probe of military electronics
Washington (AFP) March 9, 2011 - The Senate Armed Services Committee announced Wednesday that it had opened an investigation into how counterfeit electronics make their way into the US military's supply chain. "Counterfeit electronic parts pose a risk to our national security, the reliability of our weapons systems and the safety of our military men and women," the panel's chairman Democratic Senator Carl Levin and Senator John McCain, its top Republican member, said in a joint statement.

The lawmakers warned that "proliferation of counterfeit goods also damages our economy and costs American jobs" and called it "a growing problem" that the government and the private sector must solve together. "Over the course of our investigation, the committee looks forward to the cooperation of the Department of Defense and the defense industry to help us determine the source and extent of this problem and identify possible remedies for it," they said.
by Staff Writers
Washington (AFP) March 9, 2011
The US administration is taking a hard look at problems in the Defense Department's accounting, after a report called its books unauditable, the Treasury said Wednesday.

Treasury assistant secretary Richard Gregg told a Congressional panel there were "serious financial reporting issues" at the Pentagon, which in the current proposed budget before the Congress receives $553 billion, or some 15% of all US annual spending.

The remarks came after the US government watchdog the General Accounting Office (GAO) named problematic defense accounting standards as the primary reason it could not produce a full assessment of government spending in fiscal 2010.

The GAO cited "serious financial management problems at the Department of Defense (DoD) that have prevented DoD's financial statements from being auditable."

Gregg said that Treasury, Defense, the GAO and the White House budget office have agreed a strategy to resolve some of DoD's "more significant accounting and audit weaknesses."

The GAO report on fiscal 2010, released in December, said the auditor had no way of being sure if the defense department had the assets it recorded and whether they were in the condition claimed.

"As in past years, DoD did not maintain adequate systems or have sufficient records to provide reliable information on these assets," it said.

"Deficiencies in internal control over such assets could affect the federal government's ability to fully know the assets it owns, including their location and condition."



Share This Article With Planet Earth
del.icio.usdel.icio.us DiggDigg RedditReddit
YahooMyWebYahooMyWeb GoogleGoogle FacebookFacebook



Related Links
The Military Industrial Complex at SpaceWar.com
Learn about the Superpowers of the 21st Century at SpaceWar.com



Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News


MILPLEX
Israel's top arms firm eyes privatization
Tel Aviv, Israel (UPI) Mar 7, 2011
Israel Aerospace Industries, state-owned flagship of the Jewish state's vaunted high-tech defense industry, is moving toward privatization amid an emerging shake-up of the defense sector. This includes a possible merger of IAI and two other state-owned companies, Rafael Advanced Defense Systems and the limping Israel Military Industries. The Economist reports that IAI Chairman Ya ... read more







MILPLEX
Orbital Launches PTV For Missile Defense Test

Ship to bolster Europe's missile defenses: US

Ukraine's Role In European Missile Defense Not Yet Discussed

Israel successfully tests Arrow anti-missile system

MILPLEX
Guardian Anti-Missile System Flight-Tested On A KC-135

Northrop Grumman Submits Final Proposal Revision for MDA's Next Gen Aegis Missile

Second Successful PAC-3 MSE Intercept Flight Test

Russia vows to sell missiles to Syria

MILPLEX
One Step Closer To Demonstrating Autonomous Aerial Refueling Between Two UAV

Second Orbital Test Vehicle X-37B Begins Flight

Fire Scout Completes First Unmanned Test Flights On Littoral Combat Ship

K-MAX Achieves Numerous Firsts During Recent Demo Flights

MILPLEX
InterSKY 4M Provides BLOS Comms For C4I Military Systems

LockMart Wins Role On Navy C4ISR Services Contract

ONR Moves A Modular Space Communications Asset Into Unmanned Aircraft For Marines

Northrop Grumman Next-Gen FBCB2 System Approved For Fielding

MILPLEX
LockMart Completes C4ISR Mission System Delivery For Coast Guard Surveillance Aircraft

Raytheon Awarded Contract For USAF HH-60G FLIRs

Boeing Begins Final Assembly Of First P-8A Poseidon Production Aircraft

New Design Of Through-Wall Radar Enables Increased Covert Surveillance

MILPLEX
Russia could 'swap US spy for Bout': report

UK's High Military Spending Attracts Stakeholders In Land Defence Market

Pentagon accounting problems 'serious': Treasury

Finmeccanica eyes Turkish defense deals

MILPLEX
Australia's Gillard to US: Don't fear China's rise

First Chinese American named Beijing envoy

Chinese military growing fast but concerns 'regional': IISS

US Senators mostly warm to new China pick

MILPLEX
Scientists Build World's First Anti-Laser

Yale scientists build 'anti-laser'

'Air laser' could find bombs at a distance

ONR Achieves Milestone In Free Electron Laser Program


The content herein, unless otherwise known to be public domain, are Copyright 1995-2010 - SpaceDaily. AFP and UPI Wire Stories are copyright Agence France-Presse and United Press International. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by SpaceDaily on any Web page published or hosted by SpaceDaily. Privacy Statement