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Friday, October 14, 2011

Panetta wants full budget audit by 2014

Defense Secretary Leon Panetta wants the Pentagon to complete a full audit of its budget by 2014, moving the deadline up by three years.

While this puts the pressure on the Pentagon to get its books in order, it is only one of four steps to completing a full financial audit.

Speaking before the House Armed Services Committee on Thursday, Panetta said the accelerated timeline would help Pentagon financial managers identify waste and track spending.

The Pentagon's latest status report on its Financial Improvement and Audit Readiness Plan — the effort to make DoD auditable by 2017 — said the vast majority of the department remains unauditable, although some small agencies are ready, and the Marine Corps by far the smallest and least complex of the military services, is likely to become the first major branch to join them.

-Kate Brannen, FederalTimes.com

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