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Army Incorrectly Recorded $30 million Worth Of Foreign Transactions

March 29, 2018

Pursuit's Take

When the Army conducts operations overseas, when necessary it makes payments using the currency of the host nation instead of the U.S. dollar. However, according to this report, the Army did not properly record foreign currency payments, fluctuations from exchange transactions, or related gains and losses. The Office of Inspector General (OIG) predicted the Army “incorrectly recorded 11,173 of 52,632 (21 percent) fluctuation transactions. The projected 11,173 incorrectly recorded transactions had an absolute value of $30 million.”

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