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Tuesday, November 29, 2005

NASA OIG: NASA's Most Serious Management and Performance Challenges | SpaceRef - Your Space Reference

NASA received a disclaimer of opinion on its financial statements as a result of the Independent Public Accountant (IPA) audits in FY 2003 by PricewaterhouseCoopers and in FY 2004 and FY 2005 by Ernst & Young LLP (E&Y) because NASA has been unable to provide auditable financial statements and sufficient evidence to support statements throughout the fiscal year. The reports that the IPAs have submitted identify instances of noncompliance with generally accepted accounting principles, reportable conditions (with most being material weaknesses) in internal controls, and noncompliance with the Federal Financial Management Improvement Act and the Improper Payments Information Act of 2002. Many of the weaknesses the audits disclosed resulted from a lack of effective internal control procedures and continued data integrity issues, as well as problems related to NASA's conversion in FY 2003 from 10 separate systems to a new single Integrated Enterprise Management Program (IEMP).

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