The Department of Defense (DOD) has revealed the results of its most recent financial audit. For the sixth year in a row, it failed.
According to Michael McCord, the Pentagon's comptroller, the department holds $3.8 trillion in assets and $4 trillion in liabilities. In annual audits, the DOD Office of the Inspector General and independent accounting firms jointly scrutinize the department's finances, subdividing the DOD into 29 "components." All components are examined individually to verify that records are complete and accurate. This year, the process involved 700 site visits by 1,600 auditors.
