Inventories of Gold and Other Assets at Fort Knox and the Denver Mint

As part of an examination of the financial statements of the Bureau of Government Financial Operations, the physical inventories of gold and other assets at Fort Knox and the Denver Mint and the settlement of accounts at the Denver Mint were observed. 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 went according to instructions although the Mint has no standards to use in determining whether surplus and waste were reasonable. The Bureau of the Mint should develop criteria to evaluate the reasonableness of waste and surplus in the coinage metal accounts.