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GAO-03-361R 1 (2003-01-23)

handle is hein.gao/gaobaamdn0001 and id is 1 raw text is: I AmA Accountability * Integrity* Reliability United States General Accounting Office Washington, DC 20548 January 23, 2003 The Honorable Kenneth M. Mead Inspector General Department of Transportation Subject: Applying Agreed-Upon Procedures: Airport and Airway Trust Fund Excise Taxes Dear Mr. Mead: We have performed the procedures contained in the enclosure to this report, which we agreed to perform and with which you concurred, solely to assist your office in ascertaining whether the net excise tax revenue distributed to the Airport and Airway Trust Fund (AATF) for the fiscal year ended September 30, 2002, is supported by the underlying records. As agreed with your office, we evaluated fiscal year 2002 activity affecting distributions to the AATF. In performing the agreed-upon procedures, we conducted our work in accordance with U.S. generally accepted government auditing standards, which incorporate financial audit and attestation standards established by the American Institute of Certified Public Accountants. These standards also provide guidance for performing and reporting the results of agreed-upon procedures. The adequacy of the procedures to meet your objectives is your responsibility, and we make no representation in that respect. The procedures we agreed to perform include (1) detailed tests of transactions that represent the underlying basis of amounts distributed to the AATF, (2) review of the Internal Revenue Service's (IRS) quarterly AATF certifications, (3) review of the Department of the Treasury Financial Management Service (FMS) adjustments to the AATF for fiscal year 2002, (4) review of certain procedures in the Office of Tax Analysis' (OTA) process for estimating amounts to be distributed to the AATF for the fourth quarter of fiscal year 2002, (5) comparison of net excise tax distributions to the AATF during fiscal year 2002 and amounts reported in the financial statements prepared by the Bureau of the Public Debt (BPD) for the AATF and the Federal Aviation Administration's (FAA) draft consolidated financial statements, and (6) review of key reconciliations of IRS records to Treasury records. The enclosure contains the agreed-upon procedures and our findings from performing each of the procedures. We were not engaged to perform, and did not perform, an audit, the objective of which would have been the expression of an opinion on the amount of net excise GAO-03-361R Airport and Airway Trust Fund Excise Tax Procedures