WASHINGTON, Jan 30 (Reuters) - The U.S.-led authority that governed Iraq after the 2003 invasion did not properly safeguard $8.8 billion of Iraq's own money and this lack of oversight opened up these funds to corruption, said a U.S. audit released on Sunday.

The U.S. Special Inspector General for Iraq Reconstruction was scathing in criticism of how the Coalition Provisional Authority (CPA) handled Iraqi money until it handed over power last June to Iraq's interim government.

"The CPA provided less-than-adequate controls for approximately $8.8 billion in DFI (Development Fund for Iraq) funds provided to Iraqi ministries through the national budget process," said the report, released on the same day Iraqis voted in elections.

"We believe the CPA management of Iraq's national budget process and oversight of Iraqi funds was burdened by severe inefficiencies and poor management," he said…

(Not to mention corruption.  If it’s the Bush administration, there must be corruption.)

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