Washington (CNN) The Pentagon's Defense Logistics Agency failed to properly document hundreds of millions of dollars' worth of funding for construction projects, according to an internal audit performed by the auditor Ernst & Young.

It is the first year that the audit has been performed.

The publicly available audit of agency's general fund said the agency "lacks policies and procedures to review" construction projects and properly document the projects in its financial statements, leading to errors in reporting valued at approximately $465 million.

The auditors also said that the Defense Logistics Agency was unable to provide supporting documentation to substantiate in progress construction projects, saying that such supporting documentation was missing or "insufficient to substantiate approximately $384 million" in construction assets.

The Defense Logistics Agency acknowledged the shortfalls while saying they were working to remedy the issues identified.

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