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Pentagon can’t account for $220 billion in govt property, fails fifth audit

Pentagon can’t account for $220 billion in gov’t property, fails fifth audit | 18 Jan 2023 | A Tuesday report by the Government Accountability Office revealed that the Department of Defense failed its fifth audit in a row after it could not account for at least 220 billion in government-furnished property, the Daily Caller News Foundation reported.

The DOD has been mandated by federal law to complete audits since 1994; however, the mandate was ignored for decades due to the agency’s massive size, according to Military dot com. Since launching its first independent audit, in 2017 the Pentagon has never passed.

The Pentagon failed its fifth audit in November after the agency could not prove expenditures for 61% of its 3.5 trillion in assets. To perform this year’s overall audit of the DOD, which was expected to cost 218 million, the agency aggregated 27 separate audits conducted by approximately 1,600 auditors. According to Military.com, the auditors performed 220 in-person site visits and 750 virtual site visits.  

MICAELA BURROW, January 17, 2023

he Department of Defense (DOD) has neglected to address its inability to keep track of at least 220 billion in equipment provided to government contractors, according to a Tuesday report by the Government Accountability Office (GAO).

Auditors first reported the Pentagon’s failure to account for government-owned equipment or material offered up for use to contracting agencies, also called government furnished property, in 2001, according to the report. DOD has made little improvement since then, increasing the risk that the Pentagon could accidentally overlook errors in the books.

“This long-standing issue affects the accounting and reporting of GFP and is one of the reasons DOD is unable to produce auditable financial statements,” GAO said. Of all the major federal agencies GAO is obligated to review, DOD is the only one unable to receive an opinion on its financial statements. https://dailycaller.com/2023/01/17/watchdog-pentagon-billions-equipment-contractors/

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January 21, 2023 - Posted by | USA, weapons and war

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