Iraq oil revenue audit to be handed over to all-Iraqi team

The U.N.-mandated auditor of Iraq's oil revenue says, despite accounting troubles, it is ready to hand off its work to an all-Iraqi team at the end of the year, United Press International’s Ben Lando reports.

Oil revenue is estimated at 95 percent of Iraq's total annual income. The United States and Iraq have been criticized for lax oversight and transparency of the funds. Iraq's new government is improving but is slow in spending its entire capital budget.