July 2007: Quarterly Report To Congress

First Focused Financial Review

This quarter, SIGIR completed the first in a series of focused financial reviews of large contracts funded by the Iraq Relief and Reconstruction Fund (IRRF). These reviews will meet the “forensic audit” requirement that the Congress imposed upon SIGIR last December through the Iraq Reconstruction Accountability Act of 2006.

This initial review examined the work performed by Bechtel under its Phase II IRRF contract. SIGIR’s findings from the Bechtel audit are emblematic of the many challenges faced by contractors in the Iraq reconstruction program, including insufficient oversight, descoping, project cancellations, cost overruns, and significant delays in completing projects. SIGIR has announced the next round of focused financial reviews, which will audit the largest contracts in the Iraq reconstruction program over the next year.

Please address inquiries regarding this report to SIGIR Public Affairs by e-mail or by phone 703-428-1100.

This report is also broken out by Figures, Pictures, and Tables. Download all Figures here.