Pentagon Fails Audit of $3.8 Trillion in Military Assets for 6th Year in a Row

The Pentagon has failed to get a passing grade on its accounting systems that track $3.8 trillion in military assets for the sixth year in a row, an independent audit shows. “Things are showing progress, but it’s not enough,” Mike McCord, the Defense Department’s (DOD) chief financial officer, told reporters at a Nov. 15 briefing. While the Pentagon is working to improve the health of its financial accounting systems, getting to a point where it passes a department-wide audit could be years away, he said. Seven of the DOD’s 29 sub-agencies got an “unmodified” or “clean” audit opinion in 2023, meaning a passing grade, per a Pentagon press release. That’s the same number that got a pass last year....