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Defense, Homeland Security can’t pass audits
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| Contributor | RP |
| Last Edited | RP Sep 14, 2007 06:50pm |
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| Category | Report |
| News Date | Saturday, September 15, 2007 12:30:00 AM UTC0:0 |
| Description | Ten years after Congress ordered federal agencies to have outside auditors review their books, neither the Defense Department nor the newer Department of Homeland Security has met even basic accounting requirements, leaving them vulnerable to waste, fraud and abuse.
The entire Homeland Security Department, with a $35 billion budget this fiscal year, passed its first audit in 2003 with strong stipulations but has failed every one since.
And the Defense Department, with a $460 billion budget this fiscal year, has never even come close to passing. Because that department makes up at least 20 percent of all federal spending, the entire federal government also has failed its audits since the congressional mandate took effect.
“The inability of Defense and Homeland Security to pass financial audits is costing taxpayers dearly. There is no accountability for billions in wasteful spending,” said Rep. Henry Waxman, D-Calif., chairman of the House Oversight and Government Reform Committee. “Private contractors are getting rich, military equipment can’t be tracked, and fraud is growing. The departments seem incapable of providing even the most basic level of accountability by balancing their financial books.” |
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