The first Defense Department-wide audit covered $2.7 trillion in assets and $2.6 trillion in liabilities for fiscal year 2018, making it most likely the largest known audit of an organization in history, the DOD comptroller said recently.
David L. Norquist, who is also the department’s chief financial officer, spoke about the audit Nov. 14 at a Pentagon media roundtable.
The audit covered every asset in the U.S. military, including buildings, fences, storage tanks, planes, ships, tanks, computers, spare parts, invoices, purchase orders and contracts.
Five organizations received an unmodified opinion, in other words a clean opinion, meaning no discrepancies, the highest possible rating. They are: the U.S. Army Corps of Engineers – Civil Works, the Military Retirement Fund, the Defense Health Agency – Contract Resource Management, the Defense Contract Audit Agency and the Defense Finance and Accounting Services – Working Capital Fund.
Two organizations, the Medicare-Eligible Retiree Health Care Fund and the Defense Commissary Agency, received a modified opinion, which means auditors have suggested some areas for remediation.
Audits for the DOD Office of Inspector General and Defense Information Systems Agency are still in progress and should be completed by the end of next month, Norquist said.
That should be an interesting and useful gathering of information.