Chief Financial Officer,
DOD CFO: Defense Department Embracing Recommendations to Improve Challenging Audit Practices
The Department of Defense’s chief financial officer offered a glimpse into changes made to the fiscal 2023 audit of DOD’s consolidated financial statements.
Michael McCord, undersecretary of defense and DOD chief financial officer, said that the department has achieved improvements after making changes to processes in auditing its $3.8 trillion assets and $4.0 trillion liabilities.
The DOD CFO’s statement comes after seven out of the department’s 29 components received an unmodified audit opinion while one gained a qualified opinion, Defense .gov reported.
McCord, a recent Wash100 winner and speaker at a previous Potomac Officers Club event, shared several signs of progress made at the Defense Department, including the Secretary of Defense mandating military departments to adopt actions recommended by the Government Accountability Office for an unmodified audit opinion.
DOD audits its components’ progress based on five areas: business operations, improvement in public confidence, quality decision-making, reliable networks and workforce modernization.
The Potomac Officers Club is also assisting auditors to improve their practices. It is hosting the Challenges and Best Practices to Achieving Audit Readiness in the DOD Forum on Dec. 11 to be attended by experts in the government contracting field.
Category: Speaker News
Tags: annual report financial statement audit Michael McCord Speaker News US Department of Defense