For the seventh year in a row, the Department of Defense (DOD) has failed its annual financial statement audit, a massive undertaking meant to ensure accountability for its $3.8 trillion in assets and $4 trillion in liabilities.
Despite the setback, Pentagon officials highlighted incremental progress and reaffirmed their commitment to securing a clean audit opinion by 2028.
The latest results, released on Nov. 15, confirmed that the DOD, once again received a disclaimer of opinion, meaning auditors could not provide assurance over the completeness and accuracy of the Pentagon’s financial records.
This year’s audit, like the six before it, exposed persistent challenges in the DOD’s financial management systems….