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DOD Discloses Results of 6th Annual Financial Audit; Mike McCord Quoted
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DOD Discloses Results of 6th Annual Financial Audit; Mike McCord Quoted

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In the sixth annual audit of its consolidated financial statements, the Department of Defense reported that seven of the 29 component agencies received unmodified audit opinions and one secured a qualified opinion.

DOD said Wednesday the consolidated fiscal year 2023 financial audit led to a disclaimer of opinion.

“Auditing the Department’s $3.8 trillion in assets and $4.0 trillion in liabilities is a massive undertaking but the improvements and changes we are making every day as a result of these audits positively affect every soldier, sailor, airman, marine, guardian, and DoD civilian,” said Mike McCord, under secretary of defense (comptroller)/chief financial officer and a previous Wash100 awardee.

According to the department, the U.S. Marine Corps, the DOD Office of Inspector General and the Defense Information Systems Agency Working Capital Fund have yet to receive the results of their financial audits and all other components secured disclaimers of opinion.

DOD evaluated audit progress across the areas of business operations, workforce modernization, enhanced public confidence, reliable networks and quality decision-making.

The department noted that it resolved its fund balance with Treasury material weakness and addressed in FY 2023 three improper payment programs that are designated as high priority.