US DoD to undergo first-ever financial audit

11 December 2017 (Last Updated December 12th, 2017 11:59)

The US Department of Defense (DoD) will carry out the first-ever agency-wide financial audit.

The US Department of Defense (DoD) will carry out the first-ever agency-wide financial audit.

The audit is expected to begin this month to ensure the accuracy of financial information of the department, which has assets worth around $2.4tn.

It covers every aspect of the department ranging from personnel to real property to weapons, the DoD stated.

Nearly 2,400 auditors have been appointed to conduct the audit across the department.

Commenting on the audit, US DoD Comptroller David L Norquist said: “It is important that Congress and the American people have confidence in DoD’s management of every taxpayer dollar.

“With consistent feedback from auditors, we can focus on improving the processes of our day-to-day work.

“The DoD plans to conduct audits annually, starting next year.”

“Annual audits also ensure visibility over the quantity and quality of the equipment and supplies our troops use.”

The DoD Office of the Inspector General appointed independent public accounting firms to conduct separate audits for the army, navy, airforce and more.

A department-wide consolidated audit will compile all results and conclusions.

The DoD plans to conduct audits annually, starting next year.

According to Norquist, there is a possibility of a government shutdown as funding set to expire on 8 December has received just a two-week extension while negotiations continue over what will be included in the funding bill.

If a shutdown occurs, military personnel will report to work as usual. However, the department cannot pay them until the shutdown ends, according to the statement.