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Audit Finds U.S. Administration of Iraqi Oil Funds "Open to Fraudulent Acts"

Washington, Jul 9 -

Rep. Waxman releases a preliminary audit of the Development Fund for Iraq by KPMG that finds serious deficiencies in U.S. accounting practices and criticizes CPA officials for failing to cooperate with the U.N.-approved audit. Rep. Waxman asks Chairman Davis to subpoena documents relating to U.S. expenditures from the fund.