Review of the Audit of SEMATECH's Financial Statements for 1994
AIMD-95-168: Published: Aug 8, 1995. Publicly Released: Aug 8, 1995.
- Full Report:
Pursuant to a legislative requirement, GAO reviewed the financial audit statements of SEMATECH, Inc., for the year ending December 31, 1994.
GAO found that: (1) the SEMATECH 1994 financial statements were in conformance with generally accepted accounting principals; (2) there were no material internal control weaknesses or noncompliance with applicable laws and regulations; (3) the auditor issued a management letter containing recommendations on how to improve SEMATECH's management efficiency and enhance its internal control structure; (4) there was no indication that the auditor's opinion on SEMATECH's 1994 financial statements or its report on the internal control structure could not be relied upon; and (5) there was a need for enhanced disclosure in the financial statements with respect to government agency funding, member company funding, and investments.