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AIMD-99-71R 1 (1999-02-25)

handle is hein.gao/gaobacmvb0001 and id is 1 raw text is: United States G AO General Accounting Office Washington, D.C. 20548 Accounting and Information Management Division B-281571 February 25, 1999 The Honorable Kenneth M. Mead Inspector General Department of Transportation Subject: Agreed-Upon Procedures: Highway 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 Highway Trust Fund (HTF) 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 HTF 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 HTF, (2) review of the Internal Revenue Service's (IRS) quarterly HTF certifications, (3) review of the Department of the Treasury Financial Management Service adjustments to HTF for fiscal year 1998, (4) review of the Office of Tax Analysis process for estimating amounts to be distributed to HTF for the fourth quarter of fiscal year 1998, (5) comparison of net excise tax distributions to HTF during fiscal year 1998 and amounts reported in the financial statements prepared by the Bureau of Public Debt for the HTF and the Trust Fund's own 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 HTF. Accordingly, we do not express such an opinion. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you. ZD 117 GAO/AIMD-99-71R .1&way Trust Fund Excise Tax Procedures