The Pentagon announced late last week that it failed its seventh consecutive audit as the sprawling, profiteering-ridden department wasn’t able to fully account for its trillions of dollars in assets.

As with its past failures to achieve a clean audit, the U.S. Defense Department attempted to cast the 2024 results in a positive light, with the Pentagon’s chief financial officer declaring in a statement that “momentum is on our side.”

The Pentagon is the largest U.S. federal agency and is responsible for roughly half of the government’s annual discretionary spending, with its yearly budget approaching $1 trillion despite long-standing concerns about the department’s inability to account for vast sums of money approved by lawmakers and presidents from both major parties.

The latest financial assessment published Friday by the Defense Department’s inspector general office estimates that the Pentagon has $4.1 trillion in assets. It is the only major federal agency that has never passed a clean audit, as required by law.

“Of the 28 reporting entities undergoing stand-alone financial statement audits, nine received an unmodified audit opinion, one received a qualified opinion, 15 received disclaimers, and three opinions remain pending,” the Pentagon said Friday.

Since the department’s first failed audit in 2018, Congress has authorized trillions of dollars in........

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