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    Exclusive: Massive Pentagon agency lost track of hundreds of millions of dollars

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    sinister_midget
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    Exclusive: Massive Pentagon agency lost track of hundreds of millions of dollars

    Post  sinister_midget on Mon Feb 05, 2018 12:18 pm

    Exclusive: Massive Pentagon agency lost track of hundreds of millions of dollars

    Sounds scary, huh? Well, let's see.

    One of the Pentagon’s largest agencies can't account for hundreds of millions of dollars’ worth of spending, a leading accounting firm says in an internal audit obtained by POLITICO that arrives just as President Donald Trump is proposing a boost in the military budget.

    Ernst & Young found that the Defense Logistics Agency failed to properly document more than $800 million in construction projects, just one of a series of examples where it lacks a paper trail for millions of dollars in property and equipment. Across the board, its financial management is so weak that its leaders and oversight bodies have no reliable way to track the huge sums it's responsible for, the firm warned in its initial audit of the massive Pentagon purchasing agent.

    ..........

    The report, which covers the fiscal year that ended Sept. 30, 2016, also found that $46 million in computer assets were “inappropriately recorded” as belonging to the Defense Logistics Agency. It also warned that the agency cannot reconcile balances from its general ledger with the Treasury Department.

    It covered fiscal year 2016? That's October 1, 2015 to September 30, 2016? Ending more than a month before the election? 2-1/2 months before the inauguration of the current president? The next to last fiscal year a certain foreigner was still responsible for setting up budgets and the like?

    I'd personally say it's a good thing we now have a guy with some business sense on his shoulders who likely won't stand for that. Instead of the last guy who didn't give two squats about the military unless it was to use them as a social experiment, to blame them for something or to use them to prove how "tough" he was when he stood by a let other nations run us over.


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