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AIMD-99-72R 1 (1999-02-25)

handle is hein.gao/gaobacmuu0001 and id is 1 raw text is: GAO United States General Accounting Office Washington, D.C. 20548 Accounting and Information Management Division B-281570 February 25, 1999 The Honorable Kenneth M. Mead Inspector General Department of Transportation Subject: Agreed-Upon Procedures: Airport and Airway Trust Fund Excise Taxes Dear Mr. Mead: We have performed the procedures contained in enclosure I to this letter, which we agreed to perform 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, 1998, is supported by the underlying records. As agreed upon with your office, we evaluated fiscal year 1998 AATF activity. This engagement to apply agreed-upon procedures was performed in accordance with standards established by the American Institute of Certified Public Accountants (AICPA). Accordingly, the adequacy of the procedures to meet your objectives is your responsibility and we make no representations in that respect. The procedures we agreed to perform included (1) detailed tests of transactions that represent the underlying basis of amounts distributed to AATF, (2) review of the Internal Revenue Service's (IRS) quarterly AATF certifications, (3) review of the Department of the Treasury Financial Management Service adjustments to AATF for fiscal year 1998, (4) review of the Office of Tax Analysis process for estimating amounts to be distributed to AATF for the fourth quarter of fiscal year 1998, (5) comparison of net excise tax distributions to AATF during fiscal year 1998 and amounts reported in the financial statements prepared by the Bureau of Public Debt for AATF and the Federal Aviation Administration's consolidated financial statements, and (6) review of key reconciliations of IRS records to Treasury records. Enclosure I contains the agreed-upon procedures and our results and findings from performing each of the procedures. We were not engaged to, and did not, perform an audit, the objective of which would be the expression of an opinion on the net excise taxes distributed to GAO/AIMD-99-72R Airport and Airway Excise Tax Procedures /7 //7