January 11, 2018
The Pentagon begins it’s first ever full-scale audit, delivering on a campaign promise made by President Trump.
Department of Defense Under Secretary David Norquist revealed the projected cost of the audit before the House Armed Services Committee on Wednesday.
He said the process could cost the DOD roughly $367 million in 2018 with about half the budget being used to pay independent accounting firms.
More than 1,000 auditors are set to review the Pentagon’s estimated $2.4 trillion in assets, which include personnel supplies and bases.
Lawmakers claim this is an important step in reducing waste and improving accountability.
“Though not a corporation, DOD owes accountability to the American people…the tax payers deserve the same level of confidence as share-holders,” said Norquist. “The DOD’s financial statements present a true and accurate position, picture of it’s financial condition and operations.”
Norquist says the department could spend up to $551 million correcting problems discovered by the auditors.
The process is expected to be completed by November 15th.