U.S. Currency: Treasury's Plans to Study Genuine and Counterfeit U.S. Currency Abroad
NSIAD-97-104
Published: Apr 11, 1997. Publicly Released: May 12, 1997.
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Highlights
Pursuant to a congressional request, GAO reviewed the Secretary of the Treasury's audit plan on the uses and counterfeiting of U.S. currency in foreign countries, focusing on whether the plan will enable the Secretary of the Treasury to: (1) study the use of U.S. currency in foreign countries; (2) study the holding of U.S. currency in foreign countries; and (3) develop useful estimates of the amount of counterfeit U.S. currency that circulates outside the United States each year.
Recommendations
Recommendations for Executive Action
| Agency Affected | Recommendation | Status |
|---|---|---|
| Department of the Treasury | To help assure that the Treasury corrects the deficiencies in the submitted audit plan, the Secretary of the Treasury should develop and submit an addendum to more fully explain the objectives and the methods the Treasury intends to use, including a discussion of assumptions and limitations associated with the use of the resulting information. |
Treasury submitted to Congress an addendum to more fully explain the objectives and the methodologies it intended to use to meet the audit objectives required under the Antiterrorism and Effective Death Penalty Act of 1996. In July 1997, GAO testified that the addendum described the Treasury's audit objectives, provided new information that made it easier to understand the methodologies the Treasury intends to use to develop estimates of the amount of genuine and counterfeit U.S. currency abroad, and provided current Federal Reserve estimates based on those methodologies; see "U.S. Treasury: Observations on Plans to Study Genuine and Counterfeit U.S. Money Abroad" (GAO/T-NSIAD-97-201, July 10, 1997). However, GAO also testified that the addendum did not: (1) fully describe the methodology the Treasury will use to collect, summarize, and report information on the uses of genuine U.S. currency abroad; or (2) explain what additional fieldwork or information is needed.
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Topics
Auditing proceduresCurrency and coinageData collectionData integrityEconometric modelingForeign governmentsForgeryPlanningReporting requirementsCriminal activitiesForeign countries