Assessment of the Financial Audit for SEMATECH's Activities in 1992
RCED-94-17: Published: Oct 13, 1993. Publicly Released: Oct 13, 1993.
- Full Report:
Pursuant to a legislative requirement, GAO reviewed the financial audit of SEMATECH, Inc., focusing on its accuracy and completeness.
GAO found that: (1) there is no indication that the auditor's opinion on SEMATECH's 1992 financial statements, its report on the internal control structure, or its report on compliance with laws and regulations cannot be relied upon; (2) the financial statements fairly presented SEMATECH's financial position in conformance with generally accepted accounting principles; (3) in January 1993, the Department of Defense began providing advance payments to SEMATECH on a monthly basis; and (4) this procedure provides SEMATECH with sufficient working capital funds while minimizing the amount of unexpended government funds that SEMATECH holds.