Norquist reassures Congress that Pentagon audit will be exhaustive

Let’s hope so, but the history of this endeavor has not been good. Granted it is a monumental task. And that is an understatement.

(From Newsline)

Members of the House Armed Services Committee from both parties on Wednesday applauded the Department of Defense for their willing participation in its first ever full scope, service-wide audit.

David L. Norquist, undersecretary of defense and chief financial officer for the Defense Department, testified before the committee to present the Pentagon’s financial improvement plan and discuss conduct during the audit, which comes after years of financial management concerns…

“Taxpayers deserve the same level of confidence as shareholders in a company,” Norquist told members of the HASC.

About 1,200 independent auditors from various public accountant firms will conduct 24 stand-alone audits in support of the overarching Pentagon audit, he explained. The auditors will examine fund accounts, financial statements, personnel records, military equipment among other entities within the Pentagon, which will be the largest audit ever conducted on a U.S. government agency.

Last month, Defense Department officials announced they had received notification from the department’s inspector general that the financial statement audit had begun. Norquist told reporters last month that it will now be done annually.

Click here for the article.

http://www.againstcronycapitalism.org/