Finance
Service branch results of Pentagon first audit ever in 2018
In 2018, the Pentagon underwent its first audit in the history of the institution — and failed miserably.
It will probably surprise no one that the organization which pays hundreds of dollars for coffee cups and thousands for a toilet seat has trouble tracking its spending. But the issues are much deeper than that. The Pentagon’s accounting issues could take years to fix, according to then-Deputy Secretary of Defense Patrick Shanahan.
“We failed the audit, but we never expected to pass it,” Shanahan told reporters at a briefing. “We never thought we were going to pass an audit, everyone was betting against us that we wouldn’t even do the audit.”
The Pentagon famously did the audit with the non-partisan, nonprofit think tank Truth In Accounting. In July 2019, Truth in Accounting released its report card for the branches of service and their reporting agencies.
Before ranking the branches, military members should know that the best performers in the audit were the Military Retirement Fund, the Defense Finance and Accounting Service, the Defense Contract Audit Agency, and the US Army Corps of Engineers. So we at least know your retirement accounts are exactly what they tell you they are.
Unfortunately, the four of the five lowest-scoring entities were the four major military branches.
-
Business7 days ago
Former top SpaceX exec Tom Ochinero sets up new VC firm, filings reveal
-
Business6 days ago
Consumer Financial Protection Bureau fines BloomTech for false claims
-
Business4 days ago
Langdock raises $3M with General Catalyst to help businesses avoid vendor lock-in with LLMs
-
Entertainment4 days ago
What Robert Durst did: Everything to know ahead of ‘The Jinx: Part 2’
-
Business6 days ago
Klarna credit card launches in the US as Swedish fintech grows its market presence
-
Entertainment3 days ago
This nova is on the verge of exploding. You could see it any day now.
-
Entertainment7 days ago
How to watch ‘The Sympathizer’: Release date and streaming deals
-
Entertainment6 days ago
How to set boundaries in the early stages of dating