Finding Text
Finding # 2025-003 Type: Material weakness reporting Type: Noncompliance over reporting Assisting Listing Number: 43.001 Federal Agency: National Aeronautics and Space Administration Name of Federal Program: Science Requirement Federal Financial Reports (FFR) are due within 30 days following the end of each quarter. There should be controls in place to ensure reports are prepared, reviewed and submitted timely. Condition The FFR were not reviewed prior to submission by a secondary individual and were not submitted timely. Context The five examined FFR reports were all filed after the compliance period, of which only one was appropriately reviewed. Cause Controls for reviews, approvals, and submission were not implemented or consistently followed. Effect The reporting deadline was not monitored, resulting in the report being filed late. Questioned Costs None identified Recommendation Management should establish a consistent procedure to review and approve reports before submission by a member of management different from the preparer. Management’s Response Management is developing a tracking system to ensure reports are compiled by the Director of Finance and reviewed by Chief Financial Officer, and submitted prior to the deadline date.