Check Relay: Controls in Place Comply With Federal Reserve Guidelines

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A letter report issued by the General Accounting Office with an abstract that begins "This report discusses the management of the air transportation network used to move checks from one Federal Reserve office to another. GAO studied the propriety of practices for bidding, awarding, and monitoring contracts and the adequacy of controls to monitor fuel and other payments to vendors. The network was moved to the Federal Reserve Bank of Atlanta (FRB Atlanta) in September 1998 and renamed Check Relay. Check Relay's internal controls are designed to ensure that each step of the contract evaluation and approval process conforms to ... continued below

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United States. General Accounting Office. December 12, 2001.

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Description

A letter report issued by the General Accounting Office with an abstract that begins "This report discusses the management of the air transportation network used to move checks from one Federal Reserve office to another. GAO studied the propriety of practices for bidding, awarding, and monitoring contracts and the adequacy of controls to monitor fuel and other payments to vendors. The network was moved to the Federal Reserve Bank of Atlanta (FRB Atlanta) in September 1998 and renamed Check Relay. Check Relay's internal controls are designed to ensure that each step of the contract evaluation and approval process conforms to FRB Atlanta and Federal Reserve System policies and that appropriate senior officials review and approve contract terms. Check Relay also ensures that all payments to vendors conform to contract terms. Another set of controls verifies that the amount of fuel used by Check Relay's vendors is consistent with expected levels and that fuel is provided only to the appropriate recipients. Check Relay is managed as a unit of the Retail Payments Office, which is managed out of FRB Atlanta. The Board's Division of Reserve Bank Operations and Payment Systems also has oversight responsibility over Check Relay. GAO found no evidence with which to question FRB Atlanta's conclusions that Check Relay's internal controls are effectively designed and implemented."

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Government Accountability Office Reports

The U.S. Government Accountability Office (GAO) is an independent, nonpartisan agency that works for the U.S. Congress investigating how the federal government spends taxpayers' money. Its goal is to increase accountability and improve the performance of the federal government. The Government Accountability Office Reports Collection consists of over 13,000 documents on a variety of topics ranging from fiscal issues to international affairs.

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  • December 12, 2001

Added to The UNT Digital Library

  • June 11, 2014, 5:03 a.m.

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United States. General Accounting Office. Check Relay: Controls in Place Comply With Federal Reserve Guidelines, report, December 12, 2001; Washington D.C.. (digital.library.unt.edu/ark:/67531/metadc294185/: accessed September 21, 2018), University of North Texas Libraries, Digital Library, digital.library.unt.edu; crediting UNT Libraries Government Documents Department.