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Wednesday, Aug. 30, 2023

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

Tom Kertscher, Wisconsin Watch
yes

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.

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