Federal Research: Assessment of the Financial Audit for SEMATECH's Activities in 1989
RCED-91-74
Published: Apr 30, 1991. Publicly Released: Apr 30, 1991.
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Highlights
In response to a legislative requirement, GAO reviewed a certified public accountant's audits of the financial statements of the Semiconductor Manufacturing Technology Consortium (SEMATECH), a consortium of 14 U.S. semiconductor manufacturers and the Department of Defense (DOD).
Recommendations
Matter for Congressional Consideration
| Matter | Status | Comments |
|---|---|---|
| If federal participation in SEMATECH is reauthorized, Congress may wish to take into account, in determining the appropriate level of federal funding, the indirect cost reimbursements that some SEMATECH members receive for their SEMATECH contributions. Congress also may wish to consider this issue for any other jointly funded consortium that includes federal contractors or grantees. |
Closed – Implemented
|
S. 1327 was introduced which addresses cost reimbursement for members of the critical technology consortia. The GAO report entitled Federal Research: SEMATECH's Technological Progress and Proposed R&D Program (GAO/RCED-92-223BR) surveyed all 14 SEMATECH member companies. It found that member company efforts to seek reimbursement for their SEMATECH contributions was not a major problem. |
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Topics
Accounting proceduresAuditing standardsDefense industryFinancial managementFinancial recordsInternal controlsPrivate sectorQuestionable paymentsResearch and developmentFinancial statements