In 2010, 20 of 24 agencies received unqualified audit opinions. The Comptroller General disclaimed an opinion on three agencies, and one agency received a qualified opinion. The one agency receiving a qualified opinion was NASA (National Aeronautics and Space Administration). Go to the NASA Web site (www.nasa.gov) and find its PAR, which can be used to answer the following.
Required
a. Briefly identify the NASA financial situation by answering the following questions.
(1) What portion of NASA’s assets is composed of property, plant, and equipment?
(2) Is NASA operating at a positive or negative change in net assets for the period examined?
b. Who conducted the NASA audit? What audit standards did the auditor apply?
c. Why did NASA receive a qualified opinion in FY 2010? Since FY 2010, has NASA received an unqualified opinion or are there ongoing problems?