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Fiscal Year 2011 Agreed-Upon Procedures for Excise Tax Distributions to the Airport and Airway Trust Fund

GAO-12-140R Published: Nov 03, 2011. Publicly Released: Nov 03, 2011.
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As requested, this correspondence discusses our findings on whether the net excise tax revenue distributed to the Airport and Airway Trust Fund (AATF) for the fiscal year ended September 30, 2011, is supported by the underlying records. The Department of Transportation's Inspector General is responsible for the adequacy of these agreed-upon procedures to meet the inspector's objectives, and we make no representation in that respect. The procedures we agreed to perform were related to (1) transactions that represent the underlying basis of amounts distributed from the general fund to the AATF during fiscal year 2011, (2) the Internal Revenue Service's (IRS) quarterly AATF excise tax receipt certifications prepared during fiscal year 2011, (3) the U.S. Department of the Treasury's Financial Management Service adjustments to AATF excise tax distributions during fiscal year 2011, (4) the U.S. Department of the Treasury's Office of Tax Analysis's (OTA) estimates of excise tax amounts to be distributed to the AATF for the fourth quarter of fiscal year 2011, (5) adjustments to the AATF for tax on kerosene used in aviation during fiscal year 2011, and (6) the amount of net excise taxes distributed to the AATF during fiscal year 2011.

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Air transportationAirlinesAudit reportsAuditing proceduresAuditing standardsCommercial aviationExcise taxesFinancial managementFinancial recordsFinancial statement auditsFinancial statementsFuel taxesFunds managementKerosenePolicy evaluationTax return auditsTax returnsTransportation costsTransportation policiesTrust fundsPolicies and procedures