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GAO-02-379R 1 (2002-02-11)

handle is hein.gao/gaocrptaoos0001 and id is 1 raw text is: SGAO Accountability * Integrity * Reliability United States General Accounting Office Washington, DC 20548 February 11, 2002 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 letter, 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, 2001, is supported by the underlying records. As agreed with your office, we evaluated fiscal year 2001 activity affecting distributions to 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 when 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 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 2001, (4) review of certain procedures in the Office of Tax Analysis's process for estimating amounts to be distributed to HTF for the fourth quarter of fiscal year 2001, (5) comparison of net excise tax distributions to HTF during fiscal year 2001 and amounts reported in the financial statements prepared by the Bureau of the Public Debt for HTF and HTF's 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 to express an opinion on the amount of net excise taxes distributed to HTF. Accordingly, we do not express such an opinion. Had we GAO-02-379R Highway Trust Fund Excise Tax Procedures