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GAO-04-213R 1 (2003-11-20)

handle is hein.gao/gaobaamjb0001 and id is 1 raw text is: I Accountability * Integrity* Reliability United States General Accounting Office Washington, DC 20548 November 20, 2003 The Honorable Kenneth M. Mead Inspector General Department of Transportation Subject: Applying Agreed-Upon Procedures: Highway 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 Highway Trust Fund (HTF) for the fiscal year ended September 30, 2003, is supported by the underlying records. As agreed with your office, we evaluated fiscal year 2003 activity affecting distributions to the HTF. 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 HTF, (2) review of the Internal Revenue Service's (IRS) quarterly HTF certifications, (3) review of the Department of the Treasury Financial Management Service (FMS) adjustments to the HTF for fiscal year 2003, (4) review of IRS's precertification' of receipts for the third quarter of fiscal year 2003, (5) review of certain procedures of the Department of the Treasury Office of Tax Analysis' (OTA) process for estimating amounts to be distributed to the HTF for the fourth quarter of fiscal year 2003, and other procedures including (6) comparison of net excise tax distributions to the HTF during fiscal year 2003 and amounts reported in the draft financial statements prepared by the Bureau of the Public Debt (BPD) for 'To accommodate the Department of Transportation's accelerated reporting date for fiscal year 2003, IRS performed a precertification of excise tax collections for the quarter ended June 30, 2003. The data are for information purposes only and the precertification does not constitute an official certification. GAO-04-213R Highway Trust Fund Excise Tax Procedures