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You are here: Home / Government Contracting News / Bill puts contract spending on the hook if Pentagon misses audit deadline

October 18, 2013 By AMK

Bill puts contract spending on the hook if Pentagon misses audit deadline

New legislation introduced by Sens. Tom Coburn (R-Okla.) and Joe Manchin (D-W.Va.) aims to push the Pentagon toward being ready for a full financial audit by restricting spending on major weapons programs if DoD fails to get its books in order.

Coburn, who has introduced similar legislation in the past, said a full financial audit will help DoD better prioritize funding.

“This summer the Pentagon canceled important training and furloughed thousands of  civilian personnel while it continued to waste billions on non-defense spending  that had nothing to do with its core mission,” he said in a statement. “A full and complete audit is the only way the  department will be able to make better decisions about how it uses valuable  taxpayer dollars.”

Under the Audit the Pentagon Act of 2013, if DoD fails to obtain a clean audit  opinion by 2018, the military services would be barred from spending money to fund new major acquisition programs beyond what’s known as “milestone B” — in essence, the actual engineering and manufacturing of new systems.

Keep reading this article at: http://www.federalnewsradio.com/394/3456488/Bill-puts-contract-spending-on-the-hook-if-Pentagon-misses-audit-deadline

Filed Under: Government Contracting News Tagged With: audit, DoD, GAO, legislation

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