The report, which was finished in December, cautioned record keeping was so poor at the agency that it may be impossible to ever account for some of the expenses.
The agencytold Politico the audit was meant to be a starting place and it was not surprised by the results.
According to Ernst & Young, the Defense Logistics Agency cannot justify costs of over $ 800 million for construction projects via the documents available- just one of a series of examples of how to lose track of millions of dollars in property and equipment. Defense Logistics Agency also employs about 25,000 civilian and military personnel. It also found insufficient documentation for around $384 million in spending for "in progress" projects.
In addition, the agency reportedly couldn't produce supporting evidence for many items documented in some form - including records for $100 million worth of assets in its computer systems.
The publicly available audit of agency's general fund said the agency "lacks policies and procedures to review" construction projects and properly document the projects in its financial statements, leading to errors in reporting valued at approximately $465 million.
"We are committed to resolving the material weaknesses and strengthening internal controls around DLA's operations", he added.
According to Mackin, the agency began its first full financial audit in 2017 and found there was a "lack of complete documentation for military construction and real property".
Hasbro Sales Hit By 'Star Wars' Toys Dropoff Looking ahead, Disney's robust movie release lineup this year should provide a powerful tailwind for Hasbro's toy sales. The latest quarter's results included a net charge of $296.51 million or $2.35 per share related to the USA tax reform.
Amazon, Whole Foods launch two-hour grocery delivery Amazon announced a deal to buy Whole Foods for $13.7 billion back in June of a year ago , and the transaction closed in August . For 39 years, Whole Foods Market has been the world's leading natural and organic foods retailer.
"The service agrees with Ernst and Young's assessment of our failure to successfully track the cost of spending on military projects", said a spokesman for DLA at the British BBC network.
DLA has become one of the Defense Department's most crucial agencies since it was established in the mid-20th century.
The agency is responsible for processing roughly 100,000 orders a day on behalf of the Army, Navy, Air Force, Marine Corps and a number of other federal agencies.
It would provide the Pentagon's base budget with $597 billion, its war-funding budget with $90 billion, and other defense programs in other agencies with $29 billion.
The Trump administration will seek to boost Defense spending to $716 billion in fiscal year 2019, which would be a 7% bump from the current budget.
The audit, obtained by POLITICO, raises new questions about whether the Defense Department can responsibly manage its $700 billion annual budget - let alone the additional billions that Trump plans to propose this month.
"I think the odds of a successful DoD audit down the road are zero". Chuck Grassley (R-Iowa), who sits on the Budget and Finance Committee, told Politico.
The only stable partnership after the dismissal of Mendis was that between Roshen and Dilruwan Perera, one that added 52. Playing in his first test since 2014, Razzak removed opener Dimuth Karurantne, who was stumped on 3.
BRAD Pitt was pictured swapping details with two motorists after he was involved in a three-car crash in Los Angeles this week. Pitt , 54, was spotted calmly exchanging insurance information with the other two drivers.
It took five ballots, but Vancouver-Quilchena MLA Andrew Wilkinson has emerged as the victor of the BC Liberal leadership race. He won with just over 53 per cent support after the final round of vote counting, while Watts had just under 47 per cent.
Rite Aid Corporation (NYSE: RAD ) now has a Weekly Volatility of 5.00% percent while its Monthly Volatility is at 5.01% percent. About 12.53M shares traded or 23.10% up from the average. (NYSE:MRK) has risen 16.86% since February 7, 2017 and is uptrending.
The six-week stopgap spending bill contains increases for the military that long have been demanded by Trump and his GOP allies. White House spokeswoman Sarah Huckabee Sanders sidestepped questions Wednesday about Trump's turnabout.
The deal would extend the Children's Health Insurance Program for 10 years, four more than the extension Congress just enacted. Government month to month", said Rep. "We've reached a deal neither side loves, but both sides can be proud of", Schumer said.
The Thunder never trailed, 7-0 and 9-0 runs in the first quarter to build a 42-30 lead after the first quarter. Golden State became the first team to have four starters voted into the All-Star game in consecutive years.
The first trailer for Venom dropped Thursday, giving the first look at him in action as the Marvel character. Venom producer Matthew Tolmach assured fans in an interview with MTV News that Tom is incredible.
Well, they've finally announced that we'll be able to spend these points in March, but it's a little bit disappointing. Going forward whenever you buy a new game digitally you'll get Gold Coins worth 5% of what you've paid.
State Street Corporation holds 0.06% of its portfolio in Laboratory Corporation of America Holdings (NYSE:LH) for 4.43M shares. The shares were purchased at an average price of GBX 73 ($1.02) per share, with a total value of £73,000 ($102,355.58).
The prime minister urged the people of the state to reject the government of Manik Sarkar and instead opt for "Hira [diamond]". New Delhi-Minister Narendra Modi on Wednesday blamed the Congress for India's Partition and the Kashmir issue.
RBC Capital Markets maintained the stock with "Hold" rating in Thursday, July 20 report. (NYSE:AWI) rating on Thursday, June 15. The Walt Disney Company (DIS ) indicated a yearly performance of -1.73% while year-to-date (YTD) performance stood at 1.11%.
Valero Energy (VLO) PT Raised to $105.00
The pipeline company reported $0.71 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.72 by ($0.01). Finally, Sandy Spring Bank increased its position in shares of Valero Energy Corporation by 96.9% during the 1st quarter.
Ivanka Trump to lead US delegation at Olympics' close
Hundreds of North Korean cheerleaders have arrived in South Korea today to support their team at the Winter Olympic Games here. He said that the Vatican was ready to back any "useful peace initiative that favors peace and encounter among peoples".
Digging Through Boston Scientific Corporation (BSX) Technicals
It is positive, as 33 investors sold BSX shares while 166 reduced holdings. 43 funds opened positions while 164 raised stakes. For shareholders, given the total diluted outstanding shares of 1.37 billion, this means overall earnings per share of -0.45.
Eric Holder Is Considering A Presidential Run In 2020
Former attorney general Eric Holder is reportedly thinking of throwing his hat into the ring for the 2020 election. Holder said in response to questions from POLITICO after a Christian Science Monitor breakfast Wednesday.
Basic Trading Data for Western Digital Corporation (WDC)
Insiders own 0.70% of Plug Power Inc. 957.62 million shares or 2.06% more from 938.32 million shares in 2017Q2 were reported. CORDANO MICHAEL D sold $834,210 worth of stock. (NYSE:AMC) rating on Wednesday, December 21. (NASDAQ:FB) or 117,829 shares.