TIPSHEET
Pentagon Fails to Answer Where $824 Billion Went
Sarah Arnold | November 17, 2024 4:15 PM
The Pentagon is under mounting pressure to explain where the $824 billion went after failing its seventh consecutive audit.
The audits resulted in a disclaimer of opinion, which means that auditors needed to be given more information to form an accurate opinion of the accounts. The goal is to earn a qualified opinion or a clean audit, indicating correct financial statements.
This comes after the Department of Defense claimed it had "turned a corner" to receive a clean audit by 2028– mandated by the 2024 National Defense Authorization Act.
According to the Pentagon, the DoD received 28 reporting entities that contained standalone audits. Nine received an unmodified audit opinion, one had a qualified opinion, 15 received disclaimers, and three are still pending.
“Momentum is on our side, and throughout the Department, there is a strong commitment—and belief in our ability—to achieve an unmodified audit opinion,” Secretary of Defense Comptroller and Chief Financial Officer Michael McCord said.
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READ MORE: https://townhall.com/tipsheet/saraharnold/2024/11/17/pentagon-fails-to-answer-where-824-billion-went-n2647892
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