A Large Pentagon Agency has Lost Track of Hundreds of Millions of Dollars

World | February 6, 2018, Tuesday // 12:24| Views: | Comments: 0
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Bulgaria: A Large Pentagon Agency has Lost Track of Hundreds of Millions of Dollars Source: Twitter

One of the Pentagon's largest agencies has lost hundreds of millions of dollars, according to an internal audit released by Politico, FOCUS News Agency reports.

The information was disseminated at a time when US President Donald Trump was preparing to significantly increase the country's military budget.

According to Ernst & Young, the Defense Logistics Agency can not justify costs of over $ 800 million for construction projects via the documents available- just one of a series of examples of how to lose track of millions of dollars in property and equipment. Overall, financial management is so weak that managers and supervisors have no secure way to track the huge sums they are in charge of, the preliminary report shows.

Audit results raise the question of whether the Pentagon can responsibly  manage a $ 700 billion budget and the additional funds that Donald Trump prepares to offer them this month. The ministry has never done a full audit despite the mandate given by Congress. The turmoil in that agency shows that such an audit is unlikely.

However, the agency assures that they will overcome many obstacles to get a clean audit report. "Preliminary audit has provided us with an independent view of our financial operations. We are determined to correct the weaknesses and strengthen the internal control over the agency's operations, "agency director Lieutenant General Darrell Williams said in response to the initial audit of Ernst & Young,

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Tags: Pentagon, Agency, financial audit
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