Overview
- Auditors identified 26 material weaknesses and two significant deficiencies in the Defense Department’s FY2025 financial reporting.
- The omission of F-35 Joint Strike Fighter Global Spares Pool assets caused a material misstatement on the agency-wide statements.
- Officials said one material weakness was closed and another consolidated in FY2025 but warned that remediation must accelerate.
- The department reaffirmed a 2028 target for an unmodified audit opinion and plans a revised FY2026 strategy to speed corrective actions.
- The Senate confirmed Michael Powers as comptroller on the day of the audit release, positioning him to define milestones and drive system consolidation.