Problems With The Fed/Treasuries Audits of US Gold Holdings

``There appear to be many gaps in audit work that was already done. The remaining issues that stand are that past audit work was not thorough or of a strict enough standard to ensure against possible misstatement. In short, independent auditors are often not directly involved in the physical audits, and are rather admittedly working off of numbers provided to them by a potentially biased party. Furthermore, there have been no thorough and complete checks on whether or not the Treasury's use of their gold stock complies with current legislation, in particular the Gold Reserve Act. In addition, a lack of matching between Federal Reserve and Treasury financial statements calls into question some possibly obvious and odd errors. Moreover, there still lacks any audit on the Treasury's gold held at the Federal Reserve Bank of New York or the working stock. Lastly, the issue of encumbrances remains as a major possibility of abuse of the Treasury's gold stock and will be difficult to settle without an extensive audit of all historical government financial dealings.''