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The Pentagon failed its seventh consecutive audit on Friday as the agency was unable to fully account for its massive $824 billion budget, though officials were confident the Department of Defense "has turned a corner" in understanding its budgetary challenges going forward. The audits resulted in a disclaimer of opinion, which means auditors were provided with insufficient information to form an accurate opinion of the accounts. Of the Department of Defense’s (DoD) 28...

The Pentagon has failed its annual financial audit for the seventh year in a row. This means the Department of Defense (DOD) has failed every single audit it has been subjected to, but officials hope to have things under control by the time audit No. 11 rolls around. The DOD announced the results on Friday. "Each year teams of independent public accountants audit the department's $4.1 trillion in assets and $4.3 trillion in liabilities," which are then audited by the DOD Office of...

The US Defense Department failed for the seventh straight year to score a clean financial audit, highlighting the challenge of tracking the finances of a sprawling organization that has some $3.8 trillion in assets and $4 trillion in liabilities. Auditors overseen by the Pentagon Inspector General once again declared the department’s finances were too messy to offer an opinion on whether its books were in order. But the Pentagon said it at least has a better grasp of the problem.

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