Assessment of the Financial Audit for SEMATECH's Activities in 1988
RCED-90-35: Published: Feb 16, 1990. Publicly Released: Feb 16, 1990.
Pursuant to a legislative requirement, GAO reviewed an accountant's audit of a U.S. semiconductor industry consortium's financial statements for the year ended December 31, 1988.
GAO found that the financial statements: (1) presented fairly the consortium's financial position for the year then ended, in accordance with generally accepted accounting principles; (2) did not disclose the exclusion of unallowable costs, the extent of the consortium's restricted revenues, or interest owed to the U.S. Treasury; (3) for 1989 would include such disclosure; and (4) did not properly account for state and member contributions to the consortium.