Audit pans Iraq and U.S. efforts to account for oil, fuel and revenue flow…

The summary audit results of Iraq’s 2007 oil sales and revenue flow conducted by Ernst & Young has been released by the International Advisory and Monitoring Board for Iraq. It landed a significant blow to Iraq’s efforts to ensure all oil and fuel produced is accounted for and the movement of Iraqi funds is transparent.

The IAMB monitors how Iraqi funds – most of which are oil sales – are collected and spent. This is per a U.N. Security Council resolution to ensure transparency and block creditors and other legal claims against Iraqi funds. (These claims by many countries and companies, it should be noted, are mostly outstanding debt owed from the Saddam era; i.e. the blood of everyone Saddam killed are on the hands of these companies and countries as well.)