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National Aeronautics and Space Administration: Leadership and Systems Needed to Effect Financial Management Improvements
GENERAL ACCOUNTING OFFICE WASHINGTON DC
Pagination or Media Count:
For the past 5 years NASA was one of the few agencies to be judged by its auditors as meeting all of the federal financial reporting requirements-an unqualified opinion on its financial statements, no material internal control weaknesses, and financial management systems that are in substantial compliance the requirements of the Federal Financial Management Improvement Act FFMIA. This implied that NASA not only could generate reliable information once a year for external financial reporting purposes but also could provide accurate, reliable information for day-today decision-making. In contrast with the unqualified or clean audit opinions of its previous auditor, Arthur Andersen, for fiscal years 1996 through 2000, NASAs new independent auditor, PricewaterhouseCoopers, disclaimed an opinion on the agencys fiscal year 2001 financial statements because of significant internal control weaknesses. PricewaterhouseCoopers also concluded that NASAs financial management systems do not substantially comply with the requirements of FFMlA.
APPROVED FOR PUBLIC RELEASE