Commissar SFLUFAN Posted February 27 Share Posted February 27 Marines pass full financial audit, a first for any US military branch WWW.DEFENSENEWS.COM The Marine Corps was deemed by a third-party auditor to have a full accounting of all its assets and financial values. Quote The U.S. Marine Corps passed a full financial audit for the first time, with the service announcing Friday its fiscal 2023 financial audit received an “unmodified audit opinion” after a rigorous two-year review. The milestone — something the Defense Department and the other armed services still have not achieved — comes after almost two decades of trying to prepare the Corps’ records and several failed audits along the way. During this two-year audit, the Marine Corps had independent third-party auditors from Ernst and Young vet the value of all its assets listed on financial statements. The Corps also had to prove that every single item existed and was where the service said it was. Gregory Koval, the assistant deputy commandant for resources, told reporters the audit team made more than 70 site visits in the U.S. and around the world. In these visits, they checked more than 7,800 real property assets such as land and buildings; 5,900 pieces of military equipment; 1.9 million pieces of non-ammunition supplies, such as spare parts; and 24 million items of ammunition, some of which are stored at Army and Navy facilities. If a vehicle wasn’t where it was listed as being because it was out conducting operations, or a piece of ammunition wasn’t there because it had already been shot in a recent exercise, the Corps had to show documentation or photos of that, too, in order to explain discrepancies. Koval said the final financial report states the Marine Corps passed its audit but still has some areas where it can improve. Lt. Gen. James Adams, the deputy commandant for programs and resources, said one area of focus is automating processes. Today, there are disparate systems where data must be manually moved from one system to another, introducing the opportunity for error. The service is moving toward integrated, automated systems that would avoid human error in sharing information between human resources and financial data systems, for example. Speaking as someone who previously worked on the failed financial audits for the Defense Health Agency, United States Army, and Defense Threat Reduction Agency, all I gotta say is: Semper Fi(nance)! 2 Quote Link to comment Share on other sites More sharing options...
Commissar SFLUFAN Posted February 27 Author Share Posted February 27 Let me tell you about the time I calculated that the US Army was making adjusting journal entries in its financial records on an annual basis that when totalled together exceeded the entirety of the DoD's budget for the last 40 years combined. 1 Quote Link to comment Share on other sites More sharing options...
Jwheel86 Posted February 27 Share Posted February 27 They balance the books by selling all their tanks and taking out life insurance on everyone in the suicide mission Marine Littoral Regiments? Quote Link to comment Share on other sites More sharing options...
TUFKAK Posted February 27 Share Posted February 27 2 hours ago, Jwheel86 said: They balance the books by selling all their tanks and taking out life insurance on everyone in the suicide mission Marine Littoral Regiments? It's wild to me that my MOS in the Marines no longer exists. I get why the Marines took this move but it's still bittersweet to me. Quote Link to comment Share on other sites More sharing options...
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