Part 2. Understanding the Results of the Audit of the FY 2024 DoD Financial Statements , June 17 , 2025
Part 2. Understanding the Results of the Audit of the FY 2024 DoD Financial Statements , June 17 , 2025
From the report: "The DoD's seventh financial statement audit occurred in FY 2024. The financial statements are a snapshot in time that promote transparency by presenting the DoD's financial health, including the value of what it owned (assets) and what it owed (liabilities). A financial statement audit is a review of an entity's financial statements to verify that the statements: (1) are accurate and complete, and (2) comply with accounting guidance. DoD management consolidates the financial information of more than 60 individual DoD entities into the DoD Agency-Wide financial statements.
Overall, organizations aim to achieve an unmodified (clean) audit opinion, which means that the financial statements comply with accounting guidance and give a true and fair view of an organization's financial information. However, the DoD OIG issued a disclaimer of opinion on the FY 2024 DoD Agency-Wide Financial Statements, meaning that the DoD could not provide sufficient evidence for the auditors to conclude that the financial statements complied with accounting guidance. The DoD reporting entities received:
Related Resources
