WASHINGTON – Independent auditors have once again verified the Marine Corps’ financial records as materially accurate, complete, and compliant with federal regulations, issuing an unmodified opinion for Fiscal Year 2024.
This marks the second time in Department of Defense history that a military service has achieved this milestone—both times attributed to the Marine Corps. The accomplishment reinforces the Corps’ reputation for accountability, discipline, and leadership in financial stewardship.
The audit, done by the accounting firm Ernst and Young, helped the service improve efficiency in planning, programming, budgeting, and spending congressional appropriations. The audit process enabled accurate global tracking and reporting of financial transactions, inventory of facilities, equipment, and assets, as well as oversight of taxpayer dollars. Auditors also tested the Marine Corps’ network, key business systems, and internal controls.
Since becoming the first service to pass an annual financial audit, the Marine Corps has taken steps to stabilize its accounting system and procedures. Independent public accountants, contracted by the Department of Defense Inspector General, conducted the audit. Additionally, financial management personnel gained hands-on experience, contributing to a smoother audit process this year.
“The Marine Corps culture has always emphasized accountability—from individual Marines to the highest levels of leadership,” said Lt. Gen. James Adams III, deputy commandant for programs and resources. “But financial reporting for $49 billion in assets requires a holistic approach. The audit process highlights Marines’ integrity—revealing potential mistakes and inventory miscounts across the entire chain of command. That level of transparency can be uncomfortable, but by educating all Marines on the importance of accurate counts and leveraging independent audit teams, we gained a precise accounting of the resources entrusted to the Corps.”
The final audit report, included in the Marine Corps’ Fiscal Year 2024 Agency Financial Report, identifies seven areas for improvement, referred to as material weaknesses.
By refining this process, the Corps aims to develop a more efficient enterprise resource planning system, positioning itself for long-term success and fiscal accountability.
The Fiscal Year 2024 Agency Financial Report is available at: https://www.pandr.marines.mil/