MOD Can't Account For £6.3 Billion of Equipment

'.... the Comptroller and Auditor General, parliament's chief financial and efficiency watchdog, has found it necessary to qualify the MoD's accounts for the fourth successive year. "We find it surprising and worrying that this year's qualification should not have been foreseen by the previous permanent secretary [Sir Bill Jeffrey] given that it was a clear requirement on all government departments to adopt the relevant reporting standards from 2009–10."
In an excoriating passage, the committee reports: "The tightness of the financial situation makes it all the more essential that the department use the best available management and accounting techniques to get the best possible value out of scarce public resources, as well as from human capital. Annual qualification of the accounts by the C&AG raises legitimate questions as to whether it is capable of doing so."  Link.