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Investigation finds 'epic waste' at DoD

Nov. 20, 2013 - 07:07PM   |  
By SEAN REILLY   |   Comments
Defense Secretary Chuck Hagel
Defense Secretary Chuck Hagel (NATO)

The Defense Department is losing billions of dollars because of slipshod accounting, logistics and acquisition practices, Reuters reports in an investigation posted online this week.

The story, titled “Unaccountable: the high cost of the Pentagon’s bad bookkeeping,” combines original reporting with previous findings of problems at the Defense Finance and Accounting Service, the Defense Logistics Agency and the military services; it also references the growing odds that the Pentagon will not meet a congressionally mandated deadline to have auditable books by 2017.

Defense Secretary Chuck Hagel declined to comment to Reuters. But in an August video message to DoD employees cited in the story, Hagel noted that the department “is the only federal agency that has not produced audit-ready financial statements, which are required by law.

“That’s unacceptable.”

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