Financial Audit
Review of the Audit of SEMATECH's Financial Statements for 1995 Gao ID: AIMD-96-163 September 30, 1996GAO is required to review the annual audits of the financial statements of SEMATECH, Inc., a consortium of semiconductor manufacturers and the Defense Department, and to comment on the statements' accuracy and completeness. This report--GAO's eighth in response to the legislative requirement--presents the results of GAO's review of the audit done by Price Waterhouse of SEMATECH's financial statements for 1995.
GAO found that: (1) the SEMATECH 1995 financial statements conformed with generally accepted accounting principles; (2) there were no material internal control weaknesses or noncompliance with laws and regulations; (3) there was no indication that the auditor's opinion could not be relied upon; and (4) SEMATECH enhanced its disclosure of government agency funding and investments in notes to its 1995 financial statements.