H.R.714 - Federal Government - To establish reporting requirements relating to funds made available for military operations in Iraq or the reconstruction of Iraq, and for other purposes.

War Funding Accountability Act - Establishes initial and subsequent quarterly reporting requirements for the Inspector General of the Department of Defense respecting funds for military operations in Iraq and for the Special Inspector General for Iraq Reconstruction respecting funds for the reconstruction of Iraq.

Provides that the Government Accountability Office (GAO) shall report to Congress if two consecutive quarterly reports are not submitted.

Expresses the sense of Congress that if an Inspector General or GAO finds that a government contractor carrying out a military or reconstruction contract in Iraq has, or is suspected of having, engaged in fraud or war profiteering such contractor shall be subjected to criminal, civil, or administrative proceedings or investigations.