The American Battle Monuments Commission (ABMC) has not been complying with the law regarding its Foreign Currency Fluctuations Account, according to the Government Accountability Office (GAO). The commission is not properly accounting for fluctuations in exchange rates when making transactions in foreign currencies, GAO says in a recently released Financial Audit: ABMC's Financial Statements for Fiscal Years 2011 and 2012..
You can read the audit at http://www.gao.gov/assets/660/656036.pdf.
GAO also found two “material weaknesses” in ABMC's financial controls in its reporting and monitoring processes. “Because of these control weaknesses, GAO found significant errors in the commission’s financial reporting that were not detected by the commission,” GAO reported.
GAO did not make any recommendations but plans to follow up with another report.
The commission responded that it agrees with the GAO's findings and has initiated corrective actions.
ABMC maintains 24 American military cemeteries on foreign soil; 25 federal memorials, monuments, and markers; and eight non-federal memorials.