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AFMD-93-65R 1 (1993-06-11)

handle is hein.gao/gaobackio0001 and id is 1 raw text is: United States General Accounting Office Washington. D.C. 20548 Accounting and Financial Management Division B-252870 June 11, 1993 The Honorable Daniel S. Goldin Administrator National Aeronautics and Space Administration Dear Mr. Goldin: We have reviewed the National Aeronautics and Space Administration's (NASA) December 1992 report under the Federal Managers' Financial Integrity Act (FMFIA) and NASA's August 1992 5-Year Financial Management Plan under the Chief Financial Officers (CFO) Act. The FMFIA report asserts that, except for the material weaknesses and material nonconformances addressed in the detailed information, NASA's intemal management control and financial systems, taken as a whole, provide reasonable assurance that the objectives of FMFIA have been achieved and that its accounting systems are generally in conformance with the Comptroller General's principles and standards. The 5-Year CFO Plan presents NASA's strategy for improving financial management over the next several years. NASA's FMFIA report does not accurately characterize or fully disclose the extensive weaknesses in NASA's internal management controls and the failure of its accounting systems to conform to the Comptroller General's accounting principles and standards. Our October 1992 report' highlighted significant financial management and accounting system deficiencies that seriously weakened NASA's ability to safeguard, manage, and control its $15 billion in fiscal year 1992 budget authority and over $14 billion in contractor-held property. Weaknesses included inaccurate contractor cost reporting, inadequate financial control and reporting over contractor-held property, inadequate budgetary controls, and unreliable accounting systems and financial reports. 'Financial Management: NASA's Financial Reports Are Based on Unreliable Data, (GAO/AFMD-93-3. October 29, 1992). GAO/AFMD-93-65R, NASA's FMFIA Assertions and CFO Plan 059 1L 5 / i&/V13'7

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