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090236 1 (1978-05-05)

handle is hein.gao/gaobacvxp0001 and id is 1 raw text is: UNITED STATES GENERAL ACCOUNTING OFFICE WASHINGTON REGIONAL OFFICE FIFTH FLOOR 803 WEST BROAD STREET FALLS CHURCH, VIRGINIA 22046 MAY 5 1978 LM090236 Mrs. Stella B. 1ackel Director of the Mint Department of the Treasury Dear Mrs. Backel: As a part of the General Accounting Offices examination of the financial statements of the Bureau of Government Financial Operations, we observed physical inven- tories of gold and other assets at Fort Knox and the Denver Mint and the settlement of accounts at the Denver Mint. We reviewed the continuing auoits to verify the existence of gold stored at the Fort Knox and Denver Mints and the accuracy of the gold inventory records. The physical inven- tories were monitored to see if proper controls were used and whether the inventories were performed according to Treasury regulations. We observed the first 3 and last 4 days of the inventories at Fort Knox to determine the adequacy of controls and pro- cedures. Our assessment of controls and compliance with regu- lations applies only to these 7 days. At the Denver Mint, we reviewed the annual settlement to verify the existence of the bullion, coin, coinage metals, and other metals. The Department of the Treasury's continuing audits of U.S.-owned gold at the Fort Knox depository and the Denver Mint were properly carried out. Control over the physical inventory of gold was adequate, and the quality of the gold was fairly stated. The 1977 annual settlement at the Denver Mint was done according to instructions, but part of these instructions should be revised to correct some problems. amulunnullinuinusuo ~ fuIIUIstWunoulumuu mm s

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