The Pentagon has repeatedly failed to conduct financial audits. Photo/Reuters
WASHINGTON – The US Department of Defense, also known as the Pentagon, failed an independent audit of its accounting system for six consecutive years.
“Everything shows progress, but it’s not enough,” said Mike McCord, Defense Department chief financial officer, as reported by Reuters.
Defense Secretary Lloyd Austin argued “we need to do this better and move faster.”
The Pentagon is working on a “clean” audit, but that is still several years away, McCord said.
The audit consists of 29 sub-audits of departmental services. All must pass for the overall audit to receive approval.
To carry out the audit, 1,600 auditors made 700 field visits and assessed assets worth USD 3.8 trillion and liabilities worth USD 4 trillion.
“Seven sub-audits passed this year, the same number as last year. No fraud was found,” McCord said.
Required by law, this annual audit assesses the Pentagon’s record-keeping processes for weapons systems, military personnel and property worldwide.
These annual audit efforts have helped the bureaucracy in finding and accounting for weapons, saving money and making it easier to find and send critical technology to Ukraine.