Summary: Pursuant to a legislative requirement, GAO reviewed whether the net federal unemployment tax (FUTA) revenue distributed to the Unemployment Trust Fund (UTF) for the fiscal year ended September 30, 1999, is supported by the underlying records.
GAO noted that: (1) in performing the agreed-upon procedures, GAO conducted its work in accordance with generally accepted government auditing standards, which incorporate financial audit and attestation standards established by the American Institute of Certified Public Accountants; (2) these standards also provide guidance when performing and reporting the results of agreed-upon procedures; (3) the procedures GAO agreed to perform include: (a) detailed tests of transactions that represent the underlying basis of amounts distributed to the UTF; and (b) a review of key reconciliations of the Internal Revenue Service's records to the Department of the Treasury records; (4) GAO was not engaged to, and did not, perform an audit, the objective of which would have been the expression of an opinion on the net amount of FUTA taxes distributed to the UTF; and (5) accordingly, GAO did not express such an opinion.
