Monday, 18 Nov 2024

Pentagon fails 7th audit in a row, unable to fully account for $824B budget

The U.S. Department of Defense failed its seventh consecutive audit on Friday, with the agency unable to fully account for its $824 billion budget.


Pentagon fails 7th audit in a row, unable to fully account for $824B budget
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The audits resulted in a disclaimer of opinion, which means auditors were provided with insufficient information to form an accurate opinion of the accounts.

But with the goal of achieving a clean audit by 2028, Michael McCord, Under Secretary of Defense (Comptroller) and Chief Financial Officer, said the agency "has turned a corner in its understanding of the depth and breadth of its challenges." 

McCord told reporters at a briefing on Friday that he would not say that the agency "failed" as it had "about half clean opinions."

"So if someone had a report card that is half good and half not good, I don't know that you call the student or the report card a failure," he said.

Independent public accountants and the DoD Office of Inspector General closely examined the financial statements for the audit.

McCord emphasized in a statement that the path to a clean audit is clear.

"Significant work remains and challenges lie ahead, but our annual audit continues to be a catalyst for Department-wide financial management reform, resulting in greater financial integrity, transparency, and better-supported warfighters," he said.

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