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

Date Issued

Wednesday, May 29, 2024

Submitting OIG

Department of the Treasury OIG

Other Participating OIGs

Department of the Treasury OIG

Agencies Reviewed/Investigated

Department of the Treasury

Components

Bureau of Engraving and Printing

Report Number

OIG-24-027

Report Type

Audit

Agency Wide

Yes

Number of Recommendations

Questioned Costs

Funds for Better Use

Open Recommendations

This report has 2 open recommendations.

Recommendation Number	Significant Recommendation	Recommended Questioned Costs	Recommended Funds for Better Use
1-1	Yes	$0	$0
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	Yes	$0	$0
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.