Is Accounting 101 no longer taught?
You have to wonder about the state of accounting education in this country. Many private sector companies can't seem to close their books or analyze their cash needs or hire competent accountants or perform basic stuff any accountant worth his salt learned in the first year of Accounting. You can argue that these companies are not spending your money. But, these problems have spread to the federal government, which is spending your money. Here's what the GAO has to say about NASA:
- It's been on the GAO high-risk list since 1990.
- It can't properly identify adjustments or correcting entries
- It can't consistently post transactions to the right accounts
- Its financial statements cannot be audited.
And NASA is not alone. These problems "are not uncommon among federal agencies".
What in the Lord's name is going on? How can these agencies waste our money like this?
1 comment:
Don't you know that bookkeeping is for little people. I heard on the news that the IRS is going to step up audits. I'm sure that the target will be little people. Big government and big business (like Enron) can keep wacky accounts. When the War on Terror started, there was legislation initiated to investigate off-shore accounts but that died quickly - too many rich people and corporations doing that in addition to terrorists. But they sure can investigate little people (like your entry on the FBI).
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