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Friday, October 01, 2010

GAO: Pentagon is years from achieving clean financial books

The Defense Department is making progress toward the long-sought goal of putting its financial books in order, but it will take an extended commitment to get there, a top Government Accountability Office official told senators at a Wednesday hearing.

The Pentagon's business operations have long been on GAO's high-risk list. It is under orders from Congress to have its financial statements in auditable shape by 2017.

In the past, the Pentagon's efforts have been hindered by faulty requirements management, systems testing, and oversight, said Asif Khan, GAO's director of financial management and assurance.
Subcommittee Chairman Tom Carper, D-Del., said new military accounting systems are years behind schedule and at least $6.9 billion over their original budget.

Republican lawmakers were critical of the Pentagon's performance.

-Sean Reilly, FederalTimes.com
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