Oil money funny accounting

An audit report has been released saying the accounting methods used by the CPA to keep track of the oil revenues in Iraq since the U.S. takeover have been less than transparent.

The accounting framework at issue was maintained by a single accountant, KPMG said, without entry of credits and debits that makes tracing transactions easier.

  Iraq Net article

I'm no accountant, but that does seem like a strange way to keep accounts. No entries of credits and debits. Isn't that kind of...oh....basic....to accounting?

....but hey, do what you want....you will anyway.