U.S. Treasury says Pentagon has serious accounting, audit issues

15:41, March 10, 2011      

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The U.S. Treasury on Wednesday told Congress the Department of Defense (DoD) faces serious financial reporting issues and is taking measures to resolve its accounting and audit weaknesses.

Speaking before a subcommittee of the House Committee on Oversight and Government Reform, Assistant Treasury Secretary Richard Gregg said the Government Accountability Office (GAO) was unable to tell how much the federal government spend for Fiscal Year 2010. The main reason, he said was because the Statement of Social Insurance was impacted by the delayed issuance of the Social Security and Medicare Trustees Reports.

But "serious financial reporting issues at the Department of Defense" also played a role, said Gregg. The GAO has cited " serious financial management problems at the Department of Defense that have prevented DoD's financial statements from being auditable."

Gregg told the Subcommittee on Government Organization, Efficiency, and Financial Management that the Treasury Department is cooperation with the Office of Management and Budget (OMB) and GAO to resolve the "long-standing governmentwide audit weaknesses and improving financial management."

The Pentagon "is implementing a strategy to resolve some of DOD 's more significant accounting and audit weaknesses, initially targeting important management information for expedient resolution and then focusing on other areas for future resolution, " said Gregg.

Source: Xinhua

 
 
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