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12

UN: Iraq's Oil Production and Sale System Need Proper Control

The audit raised lingering concerns about the management of contracts of US agencies in Iraq

An audit of Iraq's oil revenues has found that a system to track extraction, production and sale of the oil lacks proper controls that has led to the mismanagement of funds, UN said.

A draft audit report prepared by Ernst & Young for the International Advisory and Monitoring Board, or IAMB, covering oil exports sales and revenues for 2006, said previously expressed concerns over the lack of monitoring and financial management of Iraqi oil had not been addressed.

"The audits also noted large unreconciled differences regarding oil extraction, production and reported export sales because there is no overall comprehensive system of controls over oil revenues," the IAMB said in a release posted on its website www.iamb.info.

It also said the audit raised lingering concerns about the management of contracts of US agencies in Iraq.

The IAMB was created by the UN Security Council in 2003 to watch over the stewardship of Iraq's natural resources while Baghdad was under US administration.