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FACT BRIEF

In its latest audit, did the Defense Department account for only 39% of its assets?

By Tom Kertscher
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The Defense Department accounted for 39% of its assets in its fifth-ever audit, released in November 2022, the department’s comptroller said.

That left 61% of assets unaccounted for.

The department has $3.5 trillion in assets, according to the audit, which was for fiscal year 2022.

The comptroller, Undersecretary of Defense Michael McCord, said progress is being made toward receiving a "clean" audit, which is when auditors find financial statements are presented fairly and consistent with accounting principles.

In January, the independent Government Accountability Office reported that the Defense Department estimated that it cannot account for $220 billion in department property that is in the possession of its contractors. The amount is “likely significantly understated,” GAO said.

Contractors can possess assets such as ammunition, missiles and torpedoes, the report said.

Democratic U.S. Rep. Mark Pocan, who represents the Madison area, raised the November audit in an Aug. 14 interview.

This fact brief is responsive to conversations such as this one.
Sources
US Department of Defense DOD Makes Audit Progress, But Much More Needs to Happen, Official Says
Department of Defense Defense Department Agency Financial Reporter Fiscal Year 2022
The Hill Defense Department fails another audit, but makes progress
US Government Accountability Office DOD Financial Management: Greater Attention and Accountability Needed over Government-Furnished Property
US Government Accountability Office DOD Financial Management
US Government Accountability Office DOD Financial Management: Additional Actions Needed to Achieve a Clean Audit Opinion on DOD’s Financial Statements
WisconsinEye Newsmakers: U.S. Rep. Mark Pocan Check-In (8:00)
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Fact briefs are short, credibly sourced summaries that offer “yes/no” answers in response to claims found online. They rely on publicly available, often primary source data and documents. Fact briefs are created by contributors to Gigafact —a nonprofit project looking to expand participation in fact-checking and protect the democratic process. See all fact briefs here.