After the close of business Friday night, the Pentagon released the findings of its fiscal 2024 annual audit. And for the seventh consecutive year, it has failed, though claiming incremental improvements. "This result was not a surprise, and I know that on the surface it doesn't sound like we're making progress. However, that is not the case," Michael McCord, the Department of Defense Under Secretary of Defense and Chief Financial Officer, told reporters today. "I believe the department has turned a corner in its understanding of the challenges, and more importantly, in addressing those challenges, momentum is on our side." The annual audit is conducted by the DoD's Office of Inspector General along with an independent public accounting firm that examined $4.1 trillion in assets and $4.3 trillion in liabilities.
This year's report provides opinions on 28 entities ranging from the various services to the Military Retirement Fund " one fewer than last year since Special Operations Command was placed under the consolidated audit.
In total, nine entities have so far received an "unmodified audit opinion," or clean audit, which is one more than last year. In essence, this means auditors determined that those offices' financial statements were presented fairly and that they adhered to accounting principles.
One entity this year has received a "qualified opinion," meaning auditors determined there were misstatements, or potentially undetected misstatements, but that those did not adversely influence the financial statements.
Three entities still have outstanding audits " the Marine Corps, Defense Logistics Agency's National Defense Stockpile Transaction Fund, and the DoD Office of Inspector General " so it is readily clear where they will fall.
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