A Pentagon official said Wednesday that the Pentagon failed an independent audit of its accounting procedures for the sixth year in a row.
“Things are showing progress, but it’s not enough”, said Mike McCord, the Defence Department’s chief financial officer, addressing the media.
Secretary of Defense Lloyd Austin believes, “We need to be doing better at this and moving faster”.
“The Pentagon is aiming for a clean audit but that will take years”, McCord continued.
The audit is broken down into 29 sub-audits of the department’s services. All must pass in order for the entire audit to be approved.
According to the Pentagon, the audit was carried out by 1,600 auditors who made 700 site visits and analyzed $3.8 trillion in assets and $4 trillion in liabilities.
This year, seven sub-audits were approved, the same number as last year. McCord stated that no fraud was discovered.
The annual audit, which is mandated by law, evaluates the record-keeping processes for the Pentagon’s weapons systems, military personnel, and property around the world.
The annual exercise has assisted the huge bureaucracy in locating and tallying armaments, saving money, and making it easier to identify essential technologies in Ukraine.
Also read: Gains in IT equities and new foreign inflows fuel market optimism for the second day
