World

Pentagon fails a sixth consecutive independent audit

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

Spriha Rai

Recent Posts

JP Nadda Slams Rahul Gandhi’s ‘Match-Fixing’ Claims As ‘Desperation Of Losing’ Polls

Rahul Gandhi's opinion piece appeared in a national daily and sparked political uproar. Opposition parties…

2 hours ago

Poverty In India Reduced Via Tangible Boost In Household Living Standards, Incomes

In 2022–23, poverty under the revised $3.00 line stood at just 5.25 per cent in…

3 hours ago

Chhattisgarh: Seven Maoists Killed In Indravati National Park Operation

Five Maoists were killed in two separate encounters with security forces in Chhattisgarh’s Bijapur district,…

3 hours ago

Carney Invites Modi To G7 Summit, Highlights India’s Global Supply Chain Role

Canadian Prime Minister Mark Carney said the most populous country, with the fifth-largest economy, must…

4 hours ago

RBI Frontloads Rate Cuts To Boost Growth Amid Low Inflation: Crisil

The Reserve Bank of India (RBI) has frontloaded its rate cuts to support economic growth,…

4 hours ago

PM Modi Urges Global Action On Coastal Resilience At Nice Summit

PM Narendra Modi on Saturday called for urgent global action to build infrastructure that can…

4 hours ago