The US Defense Department has failed its financial audit for the sixth consecutive year

11/16/2023

The US Defense Department has failed its financial audit for the sixth consecutive year, per Bloomberg.

For the sixth consecutive year, the Pentagon has failed an independent audit of its accounting systems, according to Mike McCord, the Defense Department's chief financial officer. Secretary of Defense Lloyd Austin acknowledges the need for improvement and quicker progress.

Although there is progress, achieving a "clean" audit remains years away. The audit comprises 29 sub-audits, all of which must pass for overall approval.

This year, seven sub-audits succeeded, the same as last year, with no evidence of fraud.

The audit, required by law, assesses record-keeping processes for the Pentagon's weapons systems, military personnel, and global property.

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