US Department of Defense loses track of over $220 billion in equipment: report
The US Department of Defense often engages third-party contractors to provide a range of services, including intelligence gatherings, weapons development, and transportation.
A recent report by the Government Accountability Office (GAO) has revealed that the US Department of Defense (DoD), one of the largest federal agencies, has acknowledged losing track of over $220 billion worth of equipment that was supplied to military contractors.
The US Department of Defense often engages third-party contractors to provide a range of services, including intelligence gathering, weapons development, and transportation. In some cases, the DoD may loan government equipment to these contractors to facilitate their mission objectives, which could include items such as ammunition, missiles, and torpedoes.
However, a recent report by the GAO has revealed that the DoD has failed to adequately monitor and account for these assets. The lack of oversight and accountability in the management of government property is a cause for concern, particularly given the potential risks to national security that could result from such lapses.
According to the report, the $220 billion in equipment that the DoD has been unable to track is believed to be "significantly understated."
The report points to lost equipment as a contributing factor to the agency's inability to balance its books. It is worth noting that the DoD has never passed an audit, with the agency only able to account for 39% of its $3.5 trillion in assets during the most recent audit conducted in November 2022.
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