Federal Unemployment Taxes
AIMD-98-79R, Feb 26, 1998
Pursuant to a legislative requirement, GAO reviewed fiscal year 1997 federal unemployment tax (FUTA) net collection activity.
GAO noted that: (1) GAO completed the agreed-upon procedures on February 11, 1998; (2) in performing the agreed-upon procedures, GAO conducted the 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; (3) these standards also provide guidance when performing and reporting the results of agreed-upon procedures; and (4) GAO was not engaged to, and did not, perform an audit. The procedures GAO agreed to perform included: (1) detailed tests of a sample FUTA collection and refund transactions to check the validity of the transactions and their accurate accounting and reporting; and (2) a review of key reconciliations of the Internal Revenue Service to Department of the Treasury records.