The Pentagon failed its seventh audit in a row and is unable to fully account for its $824 billion budget allocated by the Department of Defense.
According to a release by the DOD, “Teams of independent public accountants and the DoD Office of Inspector General closely examined the financial statements of the Department and its reporting entities. Of the 28 reporting entities undergoing standalone financial statement audits, 9 received an unmodified audit opinion, 1 received a qualified opinion, 15 received disclaimers, and 3 opinions remain pending.”
The DOD earned a “disclaimer of opinion,” which means auditors lacked sufficient information to form an accurate opinion, The Hill reported.
Michael McCord, the comptroller of the Pentagon and Chief Financial Officer, claimed, “Despite the disclaimer of opinion, which was expected, the Department has turned a corner in its understanding of the depth and breadth of its challenges.”
He added that “[m]omentum is on our side, and throughout the Department there is strong commitment—and belief in our ability—to achieve an unmodified audit opinion.”
The DOD is aiming to “achieve an unmodified audit opinion on its financial statements by December 31, 2028.”
