Pentagon Still Can’t Account For $220 Billion

US Defense Secretary Lloyd Austin speaks during a press conference at the Pentagon in Washington, DC, on November 16, 2022. - Austin suggested Wednesday that Russia is ultimately responsible for a deadly blast in Poland, saying it occurred as Moscow's forces target Ukrainian civilians and infrastructure. (Photo by Mandel NGAN / AFP) (Photo by MANDEL NGAN/AFP via Getty Images)

At a glance

  • The Department of Defense (DOD) has neglected to address its inability to keep track of at least $220 billion in equipment provided to government contractors, according to a Tuesday report by the Government Accountability Office (GAO).
  • Auditors first reported the Pentagon’s failure to account for government-owned equipment or material offered up for use to contracting agencies, also called government furnished property, in 2001, according to the report. DOD has made little improvement since then, increasing the risk that the Pentagon could accidentally overlook errors in the books.
  • This long-standing issue affects the accounting and reporting of GFP and is one of the reasons DOD is unable to produce auditable financial statements,” GAO said.

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