Department of Defense First Agency-Wide Financial Audit (Fy2018): Background and Issues for Congress [November 27, 2019] [open pdf - 1MB]
From the Overview: "The Chief Financial Officers Act of 1990 (CFO Act) requires annual financial audits of federal agencies' financial statements to 'assure the issuance of reliable financial information ... deter fraud, waste and abuse of Government resources ... [and assist] the executive branch ... and Congress in the financing, management, and evaluation of Federal programs.' Agency inspectors general (IGs) are responsible for the audits and may contract with one or more external auditors. The Department of Defense (DOD) completed its first agency-wide financial audit in FY2018 and recently completed its FY2019 audit. Comprehensive data for the FY2019 audit are not currently available. Therefore, this report focuses on DOD's FY2018 audit. Congressional interest in DOD's audits is particularly acute because DOD accounts for about half of federal discretionary expenditures and 15% of total federal expenditures."
CRS Report for Congress, R46067
Congressional Research Service: https://crsreports.congress.gov/