Pentagon Fails Financial Audit for Eighth Straight Year Amid Concerns of Waste and Lack of Accountability
For the eighth year in a row, the Department of Defense has failed its financial audit, marking the only major government agency to consistently receive a failing grade since mandated annual reviews began in 2018. The audit revealed 26 material weaknesses and two significant deficiencies, including inaccuracies and omissions related to the Joint Strike Fighter Program, specifically regarding the accurate accounting of assets in the Global Spares Pool. Despite these challenges, the Pentagon, which manages $4.65 trillion in assets and $4.7 trillion in liabilities, remains committed to improvement, with plans to address critical issues and achieve an “unmodified” audit opinion by 2028. Defense officials maintain that they are focused on efficient use of taxpayer dollars and strengthening national defense.
John Q. Hosedrinker