David Norquist Discusses DoD’s Financial Audit; $2.6B Saved

Deputy Defense Secretary and 2020 Wash100 Award winner David Norquist said the departmentwide financial audit has helped the Pentagon identify better business practices, National Defense reported Thursday.

"No one wants to get audited, but if you want to improve, the most important step you can take is to start the audit,” he said Thursday at the Defense News Conference.

Norquist said the financial audit has identified “dormant accounts” that enabled the Department of Defense (DoD) to find approximately $2.6 billion in savings that could be redirected to other programs.

He noted that DoD closed out approximately 25 percent or 615 of the recommendations filed by auditors last year and that he expects the department to close about 20 percent by the end of fiscal year 2020 amid COVID-19 pandemic-related challenges.

Norquist said the Pentagon pays $180 million annually to accounting firms to field more than 1,400 auditors to look for cybersecurity and inventory issues across the service branches and the department.

Share the Post:

Related Posts

Ranks Shift & New Challengers Emerge in 2025 Wash100 Popular Vote Competition

In January, Executive Mosaic, the leading organization for government contracting events and media in the Capital region, announced its 2025 class of Wash100 Award winners, the most influential and promising...

1st-Time Wash100 Winners Make Strong Initial Showing in Popular Vote

Executive Mosaic, the Capital region’s premier government contracting events and media organization, was excited to roll out its 2025 class of Wash100 Award winners. (The list compiles the most promising...

GovCon CEOs to Watch in 2025

The Wash100 Award, presented annually by Executive Mosaic, recognizes the most influential executives in government contracting and the federal sector. These leaders drive innovation, strategic growth and mission-critical solutions for...