Pentagon fails its first ever audit, official says
WASHINGTON (Reuters) - The Pentagon has failed what is being called its first-ever comprehensive audit, a senior official said on Thursday, finding U.S. Defense Department accounting discrepancies that could take years to resolve
WASHINGTON (Reuters) - The Pentagon has failed what is being called its first-ever comprehensive audit, a senior official said on Thursday, finding U.S. Defense Department accounting discrepancies that could take years to resolve.
Results of the inspection - conducted by some 1,200 auditors and examining financial accounting on a wide range of spending including on weapons systems, military personnel and property - were expected to be completed later in the day.
"We failed the audit, but we never expected to pass it," Deputy Secretary of Defense Patrick Shanahan told reporters.
The U.S. defence budget for the 2018 fiscal year that ended on Sept. 30 was $700 billion. It was unclear what consequences there would be for the failed audit, but defence officials and outside experts have said it may be years before the Pentagon is able to fix its accounting gaps and errors and pass an audit.
A 1990 federal law mandated that U.S. government agencies be audited, but the Pentagon had not faced a comprehensive audit until this one was launched in December.
(Reporting by Idrees Ali and Mike Stone; Editing by Will Dunham)
This story has not been edited by Firstpost staff and is generated by auto-feed.
Guinea president 'captured', govt dissolved, claim army putschists'; attack on presidential palace repulsed, say authorities
Reports suggest that they captured President Alpha Conde and dissolved the government, bust the ground situation remains unclear
NEW YORK (Reuters) -The price of cryptocurrencies plunged and crypto trading was delayed on Tuesday, a day in which El Salvador ran into snags as the first country to adopt bitcoin as legal tender. Shares of blockchain-related firms also fell as crypto stocks were hit by trading platform outages. But the major focus was on El Salvador, where the government had to temporarily unplug a digital wallet to cope with demand.
By Joseph White and Sanjana Shivdas (Reuters) -The head of Apple Inc's car project, Doug Field, is going to work for Ford Motor Co to lead the automaker's advanced technology and embedded systems efforts, a hiring coup for Ford Chief Executive Jim Farley.