The Financial Horizons
No Result
View All Result
  • Investing
  • Stock
  • Economy
  • Editor’s Pick
  • Latest News
  • Investing
  • Stock
  • Economy
  • Editor’s Pick
  • Latest News
No Result
View All Result
The Financial Horizons
No Result
View All Result
Home Latest News

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

by
November 17, 2024
in Latest News
0
Pentagon fails 7th audit in a row, unable to fully account for $824B budget
0
SHARES
6
VIEWS
Share on FacebookShare on Twitter

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
Previous Post

JOE MANCHIN: The American people picked Trump. Now is the time to deliver solutions for everyone

Next Post

Trump inner circle shares McDonald’s meal as Donald Jr. jokes ‘Make America Healthy Again starts tomorrow’

Next Post
Trump inner circle shares McDonald’s meal as Donald Jr. jokes ‘Make America Healthy Again starts tomorrow’

Trump inner circle shares McDonald’s meal as Donald Jr. jokes ‘Make America Healthy Again starts tomorrow’

    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.

    Recent News

    MIKE DAVIS: Eric Tung is Trump’s pick to bring sanity to the Ninth Circuit

    MIKE DAVIS: Eric Tung is Trump’s pick to bring sanity to the Ninth Circuit

    August 9, 2025
    Bed Bath & Beyond relaunches with first store in Nashville, plans dozens more

    Bed Bath & Beyond relaunches with first store in Nashville, plans dozens more

    August 9, 2025
    Lawsuit accuses Apple of stealing trade secrets to create Apple Pay

    Lawsuit accuses Apple of stealing trade secrets to create Apple Pay

    August 9, 2025
    WATCH: GOP senators divided over whether Epstein documents are a distraction or a needed reckoning

    WATCH: GOP senators divided over whether Epstein documents are a distraction or a needed reckoning

    August 8, 2025
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: Thefinancialhorizons.com, 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 thefinancialhorizons.com | All Rights Reserved

    No Result
    View All Result
    • Investing
    • Stock
    • Economy
    • Editor’s Pick
    • Latest News

    Disclaimer: Thefinancialhorizons.com, 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 thefinancialhorizons.com | All Rights Reserved