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BILL AND COIN MANUFACTURING: The Mint Needs to Enhance Controls over Gold Acquisitions

Submitting OIG:

Department of the Treasury OIG

Date Issued:

Wednesday, May 29, 2024

Agency Reviewed / Investigated:

Department of the Treasury

Submitting OIG-Specific Report Number:

OIG-24-027

Component, if applicable:

Bureau of Engraving and Printing

Location(s):

Agency-Wide

Type of Report:

Audit

Questioned Costs:

$0

Funds for Better Use:

$0

Number of Recommendations:

2

Report updated under NDAA 5274:

No

View Document:

Attachment	Size
OIG-24-027-US-Mints-Gold-Acquisition-Audit-Report-508-Compliant-Password-Protected.pdf	1.34 MB

Related Open Recommendations

Recommendation Number	Recommendation Status	Significant Recommendation	Additional Details
1-1	Open	Yes
The Mint Director ensures the Mint considers additional procedures to oversee refiners including, but not limited to, obtaining and periodically reviewing documentation from the Mint’s approved refineries, such as the LBMA-required third party audits and supporting documentation, to ensure that refineries are sourcing gold responsibly in accordance with U.S. law and the best interests of the U.S. Government.
2-1	Open	Yes
The Mint Director ensures the Mint within 30 days of issuance of this report, develops a plan that outlines the steps and controls the Mint will implement to comply with Public Law 99-185 and Public Law 109-145 in the production of gold coins which includes a review of the Mint’s current methodology to ensure it complies with U.S. law. As part of this review, the Mint should publish its procedures for acquiring newly mined U.S. gold in the Federal Register. Furthermore, the Mint needs to update its website for accuracy and its BOAs and operating procedures to ensure that these requirements are adhered to.