The Trader Harbor
  • Business
  • Politics
  • World News
  • Stocks
  • Business
  • Politics
  • World News
  • Stocks

The Trader Harbor

Politics

Pentagon fails 7th audit in a row, unable to fully account for $824B budget

by admin November 17, 2024
November 17, 2024
Pentagon fails 7th audit in a row, unable to fully account for $824B budget

The Pentagon failed its seventh consecutive audit on Friday as the agency was unable to fully account for its massive $824 billion budget, though officials were confident the Department of Defense ‘has turned a corner’ in understanding its budgetary challenges going forward.

The audits resulted in a disclaimer of opinion, which means auditors were provided with insufficient information to form an accurate opinion of the accounts.

Of the Department of Defense’s (DoD) 28 reporting entities that had standalone audits, 9 received an unmodified audit opinion, 1 received a qualified opinion, 15 received disclaimers, and 3 opinions remain pending, the Pentagon said.

But with the goal of achieving a clean audit by 2028, Michael McCord, Under Secretary of Defense (Comptroller) and Chief Financial Officer, said the agency ‘has turned a corner in its understanding of the depth and breadth of its challenges.’ 

‘Momentum is on our side, and throughout the Department there is strong commitment—and belief in our ability—to achieve an unmodified audit opinion,’ he said in a statement.

The objective of earning an unmodified audit opinion is mandated by the National Defense Authorization Act.

McCord told reporters at a briefing on Friday that he would not say that the agency ‘failed’ as it had ‘about half clean opinions.’

‘So if someone had a report card that is half good and half not good, I don’t know that you call the student or the report card a failure,’ he said.

Independent public accountants and the DoD Office of Inspector General closely examined the financial statements for the audit.

McCord emphasized in a statement that the path to a clean audit is clear.

‘Significant work remains and challenges lie ahead, but our annual audit continues to be a catalyst for Department-wide financial management reform, resulting in greater financial integrity, transparency, and better-supported warfighters,’ he said.

This post appeared first on FOX NEWS

0
FacebookTwitterGoogle +Pinterest
previous post
GM lays off 1,000 employees amid reorganization and cost-cutting
next post
Debt-ridden Harris campaign spent $2.6 million on private flights for staff in October: FEC documents

Related Posts

Cruz says UN draft resolution against Israel is...

November 19, 2024

Cotton slams Harris as ‘naive’ on Iran, blasts...

August 12, 2024

Government shutdown risk grows after Dems block Trump-backed...

October 1, 2025

Trump cabinet picks delight Taiwan, send strong signal...

November 13, 2024

It’s official: Vice President Kamala Harris formally wins...

August 6, 2024

Harris campaign organizes to target Republican voters, touts...

September 6, 2024

RFK Jr’s abortion ‘issue’: Senate GOP plans to...

November 21, 2024

Grieving parents of American terror victim plead with...

July 25, 2025

The Hitchhiker’s Guide to failing to elect a...

December 27, 2024

Here’s the pathway for President Trump to receive...

August 29, 2025

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest

    • Giorgio Armani group names longtime executive Giuseppe Marsocci as CEO

      October 18, 2025
    • The Real Drivers of This Market: AI, Semis & Robotics

      October 18, 2025
    • S&P 500 Breaking Out Again: What This Means for Your Portfolio

      October 18, 2025
    • President Donald Trump commutes former New York GOP Rep. George Santos’ prison sentence

      October 18, 2025
    • ‘Democrat shutdown’ will next jeopardize US nuclear stockpile with imminent furloughs: White House

      October 18, 2025
    • Supreme Court sets date to hear FTC Slaughter case in test of Trump’s firing powers

      October 18, 2025

    Categories

    • Business (1,420)
    • Politics (4,777)
    • Stocks (1,715)
    • Uncategorized (45)
    • World News (1,413)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: TheTraderHarbor, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 thetraderharbor.com | All Rights Reserved