Pentagon fails audit for sixth year in a row
By Mike Stone
November 15, 20238:30 PM ESTUpdated 18 hours ago
WASHINGTON, Nov 15 (Reuters) - The Pentagon failed an independent audit of its accounting systems for the sixth consecutive year, a Pentagon official said Wednesday.
"Things are showing progress, but it's not enough," Mike McCord, the Defense Department's chief financial officer, told reporters. Secretary of Defense Lloyd Austin thinks "we need to be doing better at this and moving faster."
The Pentagon is striving for a "clean" audit but that is still years away, McCord said.
The audit consists of 29 sub-audits of the department's services. All must pass for the overall audit to receive approval.
To conduct the audit, 1,600 auditors conducted 700 site visits and assessed $3.8 trillion in assets and $4 trillion in liabilities, the Pentagon said.
Seven sub-audits passed this year, the same number as last year. No fraud was found, McCord said.
https://www.reuters.com/world/us/pentagon-fails-audit-sixth-year-row-2023-11-16/
