Report of the Comptroller and Auditor General on the 2009-10 accounts of the Ministry of Defence
The MOD have been unable to provide evidence to support the existence and value of certain assets and inventory balances. In addition, the Department’s accounting policies are not fully compliant with International Financial Reporting Standards. "Despite action by the Department to improve its asset management and accounting, the issues I have identified are systemic and deep-rooted. The level of control exercised by the Department is not yet sufficient to enable me to provide an opinion on a significant proportion of assets reported in the financial statements."
Amyas Morse, head of the National Audit Office, 26 July 2010
Once or twice, fair enough (maybe, in times of crisis and financial and operational uncertainty). But this is now the fourth year on the trot.