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DOD Completes Department-Wide Financial Statement Audit; Essential Catalyst for Business Transformation and Modernization

Mount Equity Group Tokyo Japan > News > Business > DOD Completes Department-Wide Financial Statement Audit; Essential Catalyst for Business Transformation and Modernization

The fifth annual Department-wide financial statement audit resulted in a disclaimer of opinion, however significant progress was achieved. Seven Components have received unmodified opinions and one received a qualified opinion. Opinions for the Office of Inspector General and the Defense Information Systems Agency Working Capital Fund are pending. The U.S. Marine Corps (USMC) two-year audit cycle will be completed in November 2023 and will not be reporting this year. The remaining Components received disclaimers of opinion.

The FY 2022 audit resulted in three new DoD-wide material weaknesses and the consolidation of six material weaknesses into three for no net change in the number of material weaknesses. The DoD Components closed three material weaknesses and downgraded one.

The Department also made important progress on the Secretary of Defense audit priority areas—Fund Balance with Treasury (FBWT), Access…

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