The financial statements of the U.S. Marine Corps truthfully and fairly represent the military service’s financial information for fiscal year 2023, according to Ernst & Young.
EY issued its unmodified opinion following the conclusion of a two-year audit of the Marine Corps, for which the professional services provider was selected to serve as an independent accounting firm, the Department of Defense Office of Inspector General said Friday.
Despite the unmodified opinion, EY noted material weaknesses within the Marine Corps’ internal financial reporting controls, resulting in the need to implement substantive-based testing, which began in fiscal year 2022.
The entire audit ultimately covered $46.3 billion in Marine Corps assets, with EY checking over 3,000 documents, evaluating more than 25 million sample items and performing over 70 site visits. Three reports were produced:
- Report on Audit of the Financial Statements
- Report of Independent Auditors on Internal Control over Financial Reporting
- Report of Independent Auditors Compliance and Other Matters
EY carried out the work under the oversight of the DODIG.
Inspector General Robert Storch described the audit as “unprecedented” and touted the “tremendous amount of work” that had to be done to complete the process.
Storch also called on the Marine Corps to address the material weaknesses identified during the audit, saying, “These efforts will be important for the U.S. Marine Corps to improve audit efficiency and establish sustained financial reporting and operational readiness.”
