Review of the Audit of SEMATECH's Financial Statements for 1996
AIMD-97-158: Published: Sep 29, 1997. Publicly Released: Sep 29, 1997.
- Full Report:
Pursuant to a legislative requirement, GAO reviewed the financial statement audit of SEMATECH, Inc., for the year ending December 31, 1996.
GAO found that: (1) Price Waterhouse's opinion, dated January 31, 1997, stated that SEMATECH's financial statements for the year ended December 31, 1996, are fairly presented in all material respects in conformity with generally accepted accounting principles; (2) also, as required by generally accepted government auditing standards, Price Waterhouse issued reports on SEMATECH's internal control structure and its compliance with laws and regulations; (3) these reports disclosed no material internal control weaknesses or noncompliance with laws and regulations; and (4) the results of GAO's review disclosed no instances where Price Waterhouse's opinion on SEMATECH's 1996 financial statements, its report on internal control structure, or its report on compliance with laws and regulations did not comply, in all material respects, with generally accepted government auditing standards.