Agreed-Upon Procedures:

Federal Unemployment Taxes

AIMD-99-66R: Published: Feb 25, 1999. Publicly Released: Feb 25, 1999.

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Pursuant to a legislative requirement, GAO reviewed whether the net federal unemployment taxes (FUTA) collected by the Internal Revenue Service (IRS) for the fiscal year ended September 30, 1998, are supported by the underlying records.

GAO noted that: (1) this engagement to apply agreed-upon procedures was performed in accordance with standards established by the American Institute of Certified Public Accountants (AICPA); (2) the procedures GAO agreed to perform included: (a) detailed tests of a sample of FUTA collection and refund transactions; and (b) a review of key reconciliations of IRS to Department of the Treasury records; (3) GAO was not engaged to, and did not, perform an audit, the objective of which would be the expression of an opinion on the accompanying schedule of FUTA net collections; (4) accordingly, GAO does not express such an opinion; (5) GAO completed the agreed-upon procedures on February 12, 1999; (6) 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 AICPA; and (7) these standards also provide guidance when performing and reporting the results of agreed-upon procedures.

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