There's no shortage of members of Congress who have been pounding the table for DoD to get its financial statements in order so that the department can pass a clean audit. There are only a few, though, that understand the nuances of what's actually going to be required to complete what's likely to be the largest financial audit in history. Rep. Mike Conaway (R-Texas) is a certified public accountant and the former chairman of the House Armed Services Committee's special panel on Defense financial management and audit improvement. He joined Jared Serbu to share his views as DoD begins its first-ever full-scope financial audit.
It's not easy for DoD contracting officers to determine whether they're getting fair and reasonable prices, particularly when they're dealing with relatively small-dollar value transactions where there is only one supplier. That's according to a new DoD IG audit, which found one supplier, Transdigm, marked up its parts by as much as 4,400 percent.
Theresa Hull, the assistant inspector general for acquisition joins us to discuss the findings and the IG's recommendations for broader reform.
Later, Capt. Matthew Friedell, project officer at the Marine Corps Advanced Manufacturing Operations Cell talks with Federal News Network's Scott Maucione about the Marines' new 24/7 help center for 3D printing.