Federal Research: Assessment of the Financial Audit of SEMATECH's Activities in 1990.
Abstract
The National Defense Authorization Act for Fiscal Years 1988 and 1989 (P.L. 1OO-18O) requires that the General Accounting Office review the annual audits of the financial statements of SEMATECH, Inc., a consortium of U.S. semiconductor manufacturers and the Department of Defense (DOD), and provide comments to Senator Sam Nunn on their accuracy and completeness. This report, GAO's third in response to the legislative requirement, reviews the audit conducted by Price Waterhouse, an independent public accountant, of SEMATECH'S financial statements for the year ending December 31, 1990. During the course of this review, GAO also followed up on suggestions made in its report on SEMATECH's 1989 fmancial statements and identified an issue for improving DOD'S management of government funds. Price Waterhouse's opinion, dated February 11,1991, stated that SEMATECH's 1990 financial statements are fairly presented in all material respects in conformance with generally accepted accounting principles. Also, in conformance with generally accepted government auditing standards, Price Waterhouse issued reports on SEMATECH's internal control structure and compliance with laws and regulations. These reports disclosed no material internal control weaknesses or noncompliance with laws and regulations. Price Waterhouse issued a management letter that made several recommendations that, although not material to the fmancial statements, were intended to improve the management efficiency of SEMATECH aP.2 (KAR)
Document Details
- Document Type
- Technical Report
- Publication Date
- Apr 01, 1992
- Accession Number
- ADA290735
Entities
Organizations
- United States Government Accountability Office