OIG on NASA Finances: Significant Weaknesses and Deficiencies

NASA OIG: Audit of the National Aeronautics and Space Administration's Fiscal Year 2008 Financial Statements (Report No. IG-09-006)

"In the "Report of Independent Auditors", E&Y disclaimed an opinion on NASA's financial statements for the fiscal years ended September 30, 2008 and 2007. The disclaimer resulted from continued significant weaknesses in NASA's financial management processes and systems, including issues related to internal controls for property accounting.

The E&Y "Report on Internal Control" includes two significant deficiencies, which are considered to be material weaknesses. Material weaknesses were found in NASA's controls for (1) financial systems, analyses, and oversight used to prepare the financial statements, and (2) assuring that property, plant, and equipment and materials are presented fairly in the financial statements. These material weaknesses have been reported for several years.

The E&Y "Report on Compliance with Laws and Regulations" identifies certain instances in which NASA's financial management systems did not substantially comply with the requirements of the Federal Financial Management Improvement Act of 1996 (FFMIA)."

  • submit to reddit


Robert H. Goddard Memorial Symposium, May 4-6, 2021
Rich Man's Sky - Baen Books

Join our mailing list

Commercialization: Monthly Archives

Monthly Archives

About this Entry

This page contains a single entry by Keith Cowing published on November 20, 2008 1:12 PM.

Reaching Out To The Beavis and Butthead in All Of Us was the previous entry in this blog.

NRC: Science and Project Constellation is the next entry in this blog.

Find recent content on the main index or look in the archives to find all content.