United States Government Publishing Office publisher pbl distributor dst United States Government Accountability Office National Security and International Affairs Division author aut Government Organization text government publication eng GAOREPORTS Legislative Agency Publications gao legislative 2010-08-12 U.S. Government Printing Office 1997-04-11 monographic deposited born digital 16 p. GA 1.13:NSIAD-97-104 https://www.govinfo.gov/app/details/GAOREPORTS-NSIAD-97-104 P0b002ee18038ac19 f:ns97104 DGPO 2010-08-12 2011-03-28 GAOREPORTS-NSIAD-97-104 machine generated eng fdlp REPORT GAOREPORTS-NSIAD-97-104 NSIAD-97-104 Currency and coinage Audits International economic relations Evaluation methods Interagency relations Crimes or offenses Forgery Money supply Foreign governments Treasury International Currency Awareness Program Letter Report NSIAD 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.<p/>GAO noted that: (1) the Secretary of the Treasury's submitted plan does not demonstrate how it will enable the Treasury to meet the audit plan objectives required under the Antiterrorism and Effective Death Penalty Act of 1996; (2) the plan does not clearly state the audit's objectives or the methodologies to achieve those objectives; (3) although the Treasury's plan identifies some elements of a methodology that could be employed to study the use of genuine U.S. currency abroad, it does not explain how the Treasury intends to analyze the information that might be collected; (4) the plan does not define the methodologies the Treasury expects to use to study the holding of genuine U.S. currency abroad and to develop estimates of counterfeit U.S. currency abroad; (5) the Treasury official responsible for developing the plan stated that the audit objectives of the plan are the same as those stated in the act; (6) he acknowledged that the plan does not fully address the methods for achieving the objectives; (7) this official and Federal Reserve officials said that the information obtained on genuine currency usage will be used to describe U.S. currency flows and will be reviewed to determine whether any of the information conflicts with their assumptions about the usage of genuine U.S. currency abroad; (8) the Treasury official stated that the Treasury intends to use a recently published Federal Reserve methodology to develop an estimate of the total holdings of genuine U.S. currency abroad; (9) the official also told GAO the Treasury would rely on an existing Federal Reserve methodology to develop rough estimates or ranges of estimates of counterfeit U.S. currency circulating outside the United States each year; (10) after GAO outlined its concerns about the submitted audit plan to Treasury and Federal Reserve officials, the Treasury official responsible for the plan told GAO that the Treasury, with the assistance of the Federal Reserve, planned to submit a written addendum to Congress explaining the Treasury's proposed methodologies in more detail, with the caveat that these methodologies may change based on information obtained abroad during the course of the audits; and (11) the Treasury official also indicated that the addendum would explain the assumptions the Treasury made and discuss the limitations associated with these estimates. https://www.govinfo.gov/content/pkg/GAOREPORTS-NSIAD-97-104/html/GAOREPORTS-NSIAD-97-104.htm https://www.govinfo.gov/content/pkg/GAOREPORTS-NSIAD-97-104/pdf/GAOREPORTS-NSIAD-97-104.pdf GAO/NSIAD-97-104 https://www.govinfo.gov/app/details/GAOREPORTS-NSIAD-97-104 Letter Report GAO/NSIAD-97-104; U.S. Currency: Treasury's Plans to Study Genuine and Counterfeit U.S. Currency Abroad; Currency and coinage Audits International economic relations Evaluation methods Interagency relations Crimes or offenses Forgery Money supply Foreign governments Treasury International Currency Awareness Program Public Law 104-132