Booz Allen Reported Its Billing Practices Are Under Investigation
Booz Allen Hamilton Holding Corp. on Thursday disclosed that its billing practices were under investigation by the Justice Department, states the Washington Post (June 15, Heath). Federal authorities are conducting a civil and criminal investigation relating to certain elements of the Virginia-based consultant's cost accounting and indirect cost charging practices with the U.S. government. Booz Allen issued a statement that read: "To date, our internal and external audit processes have not identified any significant deficiencies or material weaknesses, or identified any significant erroneous cost charging." The firm is cooperating with the government and hopes to bring the matter to a swift resolution. Booz Allen employs over 23,000 people and recorded revenue of $5.8 billion for the year ended March 31. "As a government contractor that sells billions of dollars in services to U.S. spy agencies, Booz Allen is closely watched," the Post notes.
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