Foreign Currency Exchange Rate Fluctuation Funds

ID-81-54: Published: Aug 21, 1981. Publicly Released: Aug 21, 1981.

Additional Materials:

Contact:

Office of Public Affairs
(202) 512-4800
youngc1@gao.gov

GAO reviewed the contingency funds approved by Congress to cover shortages, caused by foreign currency exchange rate fluctuations, in the Department of Defense's (DOD) overseas programs. The objective of the review was to evaluate the effectiveness of procedures for using and accounting for those funds.

GAO found the procedures to be generally effective, but noted inconsistencies among the military services in handling exchange rate fluctuations for some programs and activities and a few relatively minor operating deficiencies.

Recommendations for Executive Action

  1. Status: Closed

    Comments: Please call 202/512-6100 for additional information.

    Recommendation: The Secretary of Defense should issue guidelines to ensure that the services uniformly account for gains and losses due to foreign currency exchange rate fluctuations in military construction and family housing programs.

    Agency Affected: Department of Defense

  2. Status: Closed

    Comments: Please call 202/512-6100 for additional information.

    Recommendation: The Secretary of Defense should determine whether gains and losses from foreign currency fluctuations for travel expenses are significant and then establish a uniform policy for handling these transactions.

    Agency Affected: Department of Defense

 

Explore the full database of GAO's Open Recommendations »

Oct 19, 2017

Oct 12, 2017

Oct 4, 2017

Sep 28, 2017

Sep 19, 2017

Sep 13, 2017

Sep 7, 2017

  • international icon: Art Explosion

    Diplomatic Security:

    Key Oversight Issues
    GAO-17-681SP: Published: Sep 7, 2017. Publicly Released: Sep 7, 2017.

Sep 5, 2017

Aug 29, 2017

Looking for more? Browse all our products here