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The Defense Department has failed its fifth-ever audit, unable to account for more than half of its assets, but the effort is being viewed as a “teachable moment,” according to its chief financial officer.
After 1,600 auditors combed through DOD’s $3.5 trillion in assets and $3.7 trillion in liabilities, officials found that the department couldn’t account for about 61 percent of its assets, Pentagon Comptroller Mike McCord told reporters on Tuesday.
McCord said the department has made progress toward a “clean” audit in the past year, but later added “we failed to get an ‘A.’”
“I would not say that we flunked. The process is important for us to do, and it is making us get better. It is not making us get better as fast as we want,” he said.
This year’s outcome was not unexpected.