Michael Taylor on U.S. military spending: Complaining about how much we're spending on weapons for Ukraine but not years of basic governance failures by the Defense Department misses the big picture.
DANIEL SLIM/AFP/TNS
I learned this recently, along with the fact that the Pentagon has failed every financial audit it’s undergone over the past five years — something it first undertook in 2018.What happened — and didn’t — and what you should know about bank meltdowns In financial audits, a great report is one with an “unmodified” or “unqualified” opinion. The next level down is a “qualified opinion,” meaning some improvements are needed. It raises alarms in financial circles when a public company receives a “qualified opinion.”Failing audits receive either an “adverse opinion” or a “disclaimer of opinion,” which is what the Pentagon has received each year from 2018 to 2022.
If the Pentagon were a bank, depositors would flee. If it were a public company, shareholders would sell. If it were a nonprofit, philanthropists and grantmakers would shun them until they got an unqualified audit.
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