The Financial Times, which obtained a copy of the report, said the auditors judged the fund to be "open to fraudulent acts".
"The CPA does not have effective controls over the ministries' spending of their individually allocated budgets, whether the funds are direct from the CPA or via the ministry of finance," it quoted the report as saying.
The US-run DFI was mandated by the UN security council to collect and spend Iraqi oil revenues in May last year, but has been dogged from its inception by accusations of a lack of transparency.
Bush and Company are corporate raiders, pure and simple. It would be something if they were good at it, but they're all-around inept morons and everything they touch goes to shit. And they say Dubya has grown up. Ha. When he was a businessman(and a drunken cokehead), he was a failure too.