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According to NASA's former auditor, PriceWaterhouseCoopers (PWC), NASA's finances are a mess, with major errors in its last financial statements and insufficient documentation. NASA's chief of internal financial management has maintained that the problems resulted from a difficult transition from 10 different internal accounting programs to a new integrated one. According to PWC, the financial chaos stems from basic accounting mistakes and a breakdown in NASA's internal controls.
Describe the financial and accounting problems at NASA.
Provide some recommendations for getting this troubled organization back on track.
First, system migration, more specifically accounting system, if not planned ad implemented properly will be beset with problems and snags which can potentially const the company millions of dollars including data clean up and reconciliation.
Second, before the migration to the single accounting system NASA has had several accounting problems that eventually caused serious roadblocks to the efficient and effective migration. One of these problems is the lack of periodic financial ...
The solution describes accounting problems with recommendations for NASA.