SCI/TECH: Audit reveals black hole in NASA's books

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posted on May, 15 2004 @ 08:13 AM
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There are 'significant' errors in NASA's financial statements. As NASA sets course for the moon and Mars, the space agency's finances are being reported to be in serious disarray. There were hundreds of millions of dollars of "unreconciled" funds and a $2 billion difference between what NASA said it had and what was actually in its accounts, which are held by the Treasury Department, accounting firm 'PriceWaterhouseCoopers' said in its report.
 

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Its former auditor says there are significant errors in its last financial statements and inadequate documentation for $US565 billion posted to its accounts.

NASA's chief for internal financial management says the problem stems from a rough transition from 10 different internal accounting programs to a new integrated one.

However, audit firm PricewaterhouseCoopers notes 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 says 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, the audit firm accuses the space agency of one of the cardinal sins of the accounting world: failing to record its own costs properly.

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[Edited on 15-5-2004 by Zion Mainframe]




posted on May, 15 2004 @ 09:13 AM
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It seems that NASA just can't get anything right. Employee morale is terrible, people live in fear of superiors (hmmm sounds like the post office). There's no excuse for the kind of accounting problems they have. If it were the private sector, they'd be in jail.

I'm tired of hearing excuses like "NASA's chief for internal financial management says the problem stems from a rough transition from 10 different internal accounting programs to a new integrated one." This is just pure crap!!!

These are US taxpayer dollars!!!!

On top of that we can't even fly the shuttles because of NASA's failures to ensure quality and their history of covering up real problems.





posted on May, 15 2004 @ 07:35 PM
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I am not upset with NASA as a whole, just the boneheads in charge of/capable of manipulating the account books. I imagine there are a lot of angry techs and scientists who probably realize that this scandal has cost them potiential raises and in some cases grants. just my .02



posted on May, 15 2004 @ 07:45 PM
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Originally posted by Crysstaafur
I imagine there are a lot of angry techs and scientists who probably realize that this scandal has cost them potiential raises and in some cases grants. just my .02


I think there's a lot pf people who are saying I lost friends, then there's the ones who are saying, "I told them this was dangerous!!".

While it was once a great American institution (when I was a kid in '61 & '62), they're just a bunch of lying, cheating, ba$tard$. I really feel sorry for anyone that goes into orbit trusting NASA!



posted on May, 16 2004 @ 06:29 AM
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Standard Govt accounting at its finest... !!!!


I do not think that this is just a NASA problem.....



posted on May, 16 2004 @ 08:06 AM
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nasa is corrupt always has been i am not talking about the workers i am talking about the yes men at the top.

it was only a matter of time before somone noticed the pilfering that has been going on at nasa.

nothing will happen to anyone which will just prove my point the money will never be recovered.

they will pick themselves up dust themselves off and start the thieving all over again




posted on May, 16 2004 @ 04:14 PM
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With all this, is anyone on this thread willing to trust their life with NASA? I'm not, I think we've just been very lucky so far with as few accidents as we've seen.



posted on May, 17 2004 @ 02:20 PM
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There are two reasons for the black hole in NASA's Books:

1. Either they are boneheads as you claim.

2. Or they're deliberatly making a black hole in the books. Why? Beats me. Maybe it's to confuse us.



posted on May, 17 2004 @ 04:05 PM
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Is it too much to ask for just a little accountability? These guys would be long gone in the private sector. Maybe it's just because they feel their mission is above and superior to us mere earthbound mortals.



posted on May, 17 2004 @ 06:14 PM
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Blackholes in budgets in the past meant black programs were ongoing could the missing money have anything to do with this?,

Incoming

Looks like its been debunked but who knows?

[Edited on 17-5-2004 by Phoenix]





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