Auditor quits with Nasa finances in chaos

[PfcHammer]

http://iol.co.za/index.php?click_id=31&art_id=qw108460549016B212&set_id=1

Auditor quits with Nasa finances in chaos

May 15 2004 at 09:18AM

By Arindam Nag and Deborah Zabarenko

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.

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[whistle]

1. Any other corruption stories out there that the Rethuglicans...

...can take credit for? Who was watching over these guys and their relationships with Aerospace contractors? Tons of money wasted, and virtually all of the space projects put in jeopardy. Bastards!:wtf:

[donsu]

2. the NASA we knew and loved is long dead

the criminal bushgang killed NASA and now it's a tool of the CIA/military

[Tellurian]

3. yes, they've raped and abused nasa as well!

[PfcHammer]

4. this is really too bad. NASA was one of the few things that everyone

could take an interest in and enjoy.

[struggle4progress]

5. kick

:kick:

[dArKeR]

6. US$565 billion black hole found in NASA's accounts - TT

REUTERS , NEW YORK and WASHINGTON
Sunday, May 16, 2004,Page 7

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 US$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 the 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.

http://www.taipeitimes.com/News/world/archives/2004/05/16/2003155713

NASA is a dirty Bush Crime Family Carlyle type Empire. I'll never forget when the last NASA head retired and in his speech he gave nothing but ass kissing praise for Bush One, talked and talked and talked, then went right to even more ass licking of Bush Two. Continued on and on of what an honor it was to serve under Bush and Bush. Not once did he mention President Clinton. I personally saw this on C-SPAN or something. Does anyone remeber this feces' name?

[JCMach1]

7. 565 billion dollar hole to pay for Star Wars

just a thought!