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After Failing to Comply With the CFO Act Every Year for 33 Years, Pressure Is On The Military To Show Where The Money Went
Key Excerpts from Article on Website of Forbes
Posted: January 25th, 2025
https://www.forbes.com/sites/steelrose/2024/12/03/dod-fails-...
The Department of Defense (DoD) has failed for the last 33 years to pass a financial audit. With assets that are approximated at $3.8 trillion probably maybe ... the DoD is surpassed by only JPMorgan/Chase and its $4.2 trillion as the largest U.S. entity when ranked by assets. According to a General Accountability Office (GAO) report last year, “DOD financial management has been on our High-Risk List since 1995. DOD’s spending makes up about half of the federal government’s discretionary spending. Its physical assets comprise almost 68 percent of the federal government’s physical assets. DOD has not yet received an audit opinion on its annual department-wide financial statements. It has been unable to accurately account for and report on its spending or physical assets.” The DoD’s Number 2 largest supplier, Raytheon and the Government’s Number 31 largest supplier, Dell, both agreed to pay millions to resolve Department of Justice (DoJ) investigations this past October and November. The DoJ reported that Raytheon agreed to pay more than $950 million to resolve the government’s investigations into a major government fraud scheme involving defective pricing on certain government contracts and violations of the Foreign Corrupt Practices Act (FCPA) and the Arms Export Control Act (AECA) and its implementing regulations, the International Traffic in Arms Regulations (ITAR).
Note: Learn more about unaccountable military spending in our comprehensive Military-Intelligence Corruption Information Center. For more, read our concise summaries of news articles on military corruption.
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