Financial Audit:

Review of the Audit of SEMATECH's Financial Statements for 1993

AIMD-94-163: Published: Aug 29, 1994. Publicly Released: Aug 29, 1994.

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Pursuant to a legislative requirement, GAO reviewed the financial audit statements of SEMATECH, Inc., focusing on audit accuracy and completeness.

GAO found that: (1) the SEMATECH 1993 financial statements were fairly presented in conformance with generally accepted accounting principles; (2) there were no material internal control weaknesses or noncompliance with applicable laws and regulations; (3) the auditor, in conformity with generally accepted auditing standards, issued a management letter containing recommendations on how to improve SEMATECH's management efficiency and enhance its internal control structure; and (4) there was no indication that the auditor's opinion on SEMATECH's 1993 financial statements, report on the internal control structure, or compliance with laws and regulations could not be relied upon.

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