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089470 1 (1972-11-14)

handle is hein.gao/gaobacvmf0001 and id is 1 raw text is: ~?&Hdn4 t&Y IN RE&Lue FR TO UNITED STATES GENERAL ACCOUNTING OFFICE REGIONAL OFFICE 143 FEDERAL OFFICE BUILDING 50 FULTON STREET SAN FRANCISCO, CALIFORNIA 94102 November 14, 1972 Mr. John J. Balles, President Federal Reserve Bank of San Francisco 400 Sansome Street ) San Francisco, California 94111 Dear Mr. Balles: We have reviewed the activities of the Federal Reserve Bank of San Francisco relating to the cancellation, verification, destruc- tion, and accounting for currency unfit for circulation. This review was made pursuant to Section 5, Public Law 89-427 (31 U.S.C. 49a) approved May 20, 1966. Our review, completed on October 16, 1972, was directed toward (1) an evaluation of the adequacy of existing controls relating to the cancellation, verification and destruction of unfit currency, (2) ensuring that unfit currency held pending destruction is properly accounted for, and (3) an evaluation of the scope and effectiveness of audits made by the General Auditor of the Federal Reserve Bank. We are pleased to report that the Federal Reserve Bank of San Francisco is complying with the procedures in the Federal Reserve Currency Manual, revised March 1969, and changes thereto, issued by the Department of the Treasury for the above activities. Our examination did not disclose any significant deficiencies or weaknesses in administrative procedures or controls. However, we noted (1) certain instances where personnel could not be adequately observed by the auditor or the observer because blind spots existed in the room where they were working and (2) certain other minor weaknesses which were discussed with members of your staff. Since agreement was reached concerning these observations and your staff indicated that corrective measures would be taken, we are making no recommendations. -E-g9 I7

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