NASA misplaces $565 Billion

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NASA misplaces $565 Billion

OK ... and these guys are on the ball to fly to mars?
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New York - As Nasa sets course for the moon and Mars, the space agency's finances are in disarray, with significant errors in its last financial statements and inadequate documentation for $565-billion posted to its accounts, its former auditor reported.

Nasa's chief for internal financial management said the problem stemmed from a rough transition from 10 different internal accounting programs to a new integrated one, but audit firm PriceWaterhouseCoopers noted basic accounting errors and a breakdown in Nasa's financial controls.

PriceWaterhouseCoopers and Nasa parted ways earlier this year, according to the space agency's inspector general, Robert Cobb. PriceWaterhouseCoopers declined to comment, but a source familiar with the situation said the audit firm opted out of the contract because it was unhappy with the relationship.

In a scathing report on Nasa's September 30, 2003, financial statement - which got scant attention at its release but was detailed in a cover story in the May issue of CFO Magazine - the audit firm accused the space agency of one of the cardinal sins of the accounting world: failing to record its own costs properly.

The same report said the transition to the new accounting program triggered a series of blunders that made completing the Nasa audit impossible.
By netchicken: posted on 18-5-2004

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