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UNITED STATES GENERAL ACCOUNTING OFFICE REGIONAL OFFICE ROOM 403, U.S. CUSTOMHOUSE, 610 SOUTH CANAL STREET CHICAGO, ILLINOIS 60607 FEB 1 4 1972 Mr. Robert P. Mayo, President Federal Reserve Bank of Chicago 230 South La Salle Street Chicago, Illinois 60690 Dear Mr. Mayo: We have reviewed the activities of the Federal Reserve Bank of Chicago relating to the cancellation, verification, destruction, and accounting for currency unfit for circulation. The review, which was completed in January 1972, was made pursuant to Public Law 89-427, approved May 20, 1966. Our review was directed primarily toward an evaluation of (1) the existing controls relating to the cancellation, verification, and destruction of unfit currency, (2) the related accounting and other records, and (3) the reports and supporting working papers for several audits made by the General Auditor. We found that the activities reviewed were conducted in a generally satisfactory manner. We thank you for the courtesy and cooperation given to our representatives. Sincerely yours, M. R. Wofson Regional Manager Al-5''%At
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