Jan. 10 (UPI) — The House Armed Services Committee will hear testimony Wednesday on the Pentagon’s financial improvement plan as it undergoes an amid years of financial management concerns.
David L. Norquist, undersecretary of defense and chief financial officer, will testify at the hearing, which begins at 10 a.m. ET.
Last month, Defense Department officials announced they had received notification from the department’s inspector general that the financial statement audit had begun.
This is the first time the Department of Defense has been audited. Norquist told reporters last month that it will now be done annually.
“It is important that the Congress and the American people have confidence in DoD’s management of every taxpayer dollar,” he said.
Every two years at the start of a new Congress, the Government Accountability Office highlights agencies and programs it deems at high risk for fraud, waste, abuse, mismanagement and in need of transformation. The Pentagon has been on GAO’s High Risk List since 1995.
GAO’s 2017 High Risk List includes a total of 34 areas across the U.S. government that are vulnerable.
The Defense Department accounts for eight of those, including the Pentagon’s supply chain management, weapons systems acquisition, financial management, business systems modernization, and support infrastructure management, among others.