[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-seo-301754-105":3,"detail-sidebar-cat-1-en-105":80,"doc-detail-301754-en":126},{"code":4,"msg":5,"data":6},0,"ok",{"site_id":7,"language":8,"slug":9,"title":10,"keywords":11,"description":12,"schema_data":13,"social_meta":73,"head_meta":75,"extra_data":77,"updated_unix":79},105,"en","gao-04-213r-highway-trust-fund-excise-tax-procedures","GAO-04-213R Highway Trust Fund Excise Tax Procedures","","United States General Accounting Office report applying agreed-upon procedures to determine whether net excise tax revenue distributed to the Highway Trust Fund (HTF) for fiscal year ended September 30, 2003 is supported by underlying records. Work included detailed transaction testing, review of IRS quarterly HTF certifications, Treasury FMS adjustments, IRS precertification of receipts, OTA estimation procedures for the fourth quarter, comparisons to draft financial statements, and reconciliation reviews. 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Mead  \nInspector General  \nDepartment of Transportation  \nSubject: Applying Agreed-Upon Procedures: Highway Trust Fund Excise Taxes  \nDear Mr. Mead:  \nWe 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.  \nIn 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.  \nThe 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 precertification1 of receipts for the third quarter of fiscal year 2003,(5) review of certain procedures ofthe 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  \n1To 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.  \nGAO-04-213R Highway Trust Fund Excise Tax Procedures  \nthe HTF and the HTF’s draft financial statements,(7) detailed tests of transactions that represent total IRS tax revenue receipts and refunds, and (8) 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.  \nWe 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 taxes distributed to the 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.2 We completed the agreed-upon procedureson November 7, 2003.  \nWe provided a draft of this report to IRS and OTA officials for review and comment. They agreed with the results and findings presented in this report. In response to our findings concerning errors in its estimates, OTA stated that it has instituted additional internal control procedures to promptly detect and correct any future errors.  \nThis report is intended solely for the use of the Office of Inspector General of the Department of Transportation and should not be used by those who have not agreed to the procedures and have not taken responsibility for the sufficiency of the procedures for their purpose. However, this report is a matter of public record and its distribution is not limited. Copies are available to others upon request. This report is also available at no charge on GAO’s Int","cbCaibpJofmcJtZh","https://ap.wps.com/l/cbCaibpJofmcJtZh","pdf",177281,"English","# Subject: Applying Agreed-Upon Procedures: Highway Trust Fund Excise Taxes\n## Scope and standards for the agreed-upon procedures\n## Procedures performed and results enclosure\n## Detailed tests of transactions (fiscal year 2003 distributions)","[{\"question\":\"What is the purpose of the GAO-04-213R report?\",\"answer\":\"To apply agreed-upon procedures to determine whether net excise tax revenue distributed to the HTF for fiscal year ended September 30, 2003 is supported by underlying records.\"},{\"question\":\"Which organizations’ records and processes were reviewed?\",\"answer\":\"The procedures include reviews of IRS quarterly HTF certifications and precertification of receipts, Treasury FMS adjustments, and OTA processes for estimating HTF distributions.\"},{\"question\":\"What kind of assurance does the GAO provide?\",\"answer\":\"The report states it did not perform an audit and does not express an opinion on the amount of net excise taxes distributed to the HTF.\"}]","GAO-04-213R Highway Trust Fund Excise Tax Procedures | PDF",7]