U.S. Treasury: Observations on Plans To Study Genuine and Counterfeit U.S. Money Abroad

• NCJ Number: 171921
• Author(s): J Z Hecker
• Date Published: 1997
• Length: 8 pages
• Corporate Author: US Government Accountability Office
• Sale Source: US Government Accountability Office; NCJRS Photocopy Services
• Publication Type: Presentation
• Language: English
• Country: United States of America

Annotation

This statement discusses the General Accounting Office's (GAO) observations on the Department of the Treasury's October 1996 audit plan and its April 1997 addendum to study the uses, holding, and counterfeiting of United States currency in foreign countries.

Abstract

The GAO review of the Treasury's original plan submitted to Congress indicated that it did not explain how it would enable the treasury to meet the audit objectives required under the act. Treasury submitted an addendum to the plan to Congress on April 21, 1997. The addendum adds some clarity to the Treasury's audit plan, but some questions remain. The addendum provides new information that makes it easier to understand the methods Treasury intends to use to estimate genuine and counterfeit United States currency abroad and provides estimates based on those methods. However, it does not fully describe the methods the Treasury will use to collect, summarize, and report information on the uses of genuine currency abroad. It also is not clear what additional fieldwork or information is needed to develop estimates. In addition, the addendum does not explain how the audit steps from the original plan are to be incorporated into the methods described in the addendum. Footnotes