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091747 1 (1970-08-19)

handle is hein.gao/gaobacwdd0001 and id is 1 raw text is: CIVIL DIVISION UNITED STATES GENERAL ACCOU'JNTING OFFICE WASHINGTON. D.C. 20548 AUG 19 1970 Dear Mr. Carlock: We have reviewed the activities relating to the processing of fit and unfit currency received by the Cash Division, Office of the Treasurer, from local banks, Government agencies and overseas dis- bursing officers, and the cancellation and destruction of the unfit currency, b Our review was directed primarily toward an evaluation of (1) the methods and controls for processing currency in the Cash Division's Whole Note Branch, and (2) the controls over the cancel- lation, verification, and destruction of unfit currency. We noted that joint control over maintained as is required by both the governing the destruction of security Currency Manual. unfit currency was not always Department's regulations items and the Federal Reserve 1. The Destruction Committee picks up currency from the Currency Verification Section, bundle counts it, places it in a locked tank truck, and transports it to the incinerator room where it is either burned immed.ately, or held in a vault for future destruction. We were informed by the Chairman of the Destruction Committee that the Committee has 17 tcnk trucks for transferring and storing unfit currency; each tank truck is secured by a single padlock; and all padlocks can be opened by the same key. Both the Chairman and Vice-Chairman of the Destruction Committee have a key with which the padlocks can be opened. 2. We were informed also that the locked tank trucks containing currency awaiting destruction are placed in a vault which has a combination locked outer door and a key locked inner door. Both the Chairman and Vice-Chairman of the Destruction Committee have the combination to the outer door, and a key to the inner door; thus, the Chairman and the Vice-Chairman each have independent access to the vault and to the tank trucks containing the currency. cz--^ -9 / ? ev -7 71?o213

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