United States Government Publishing Office publisher pbl distributor dst United States Government Accountability Office Accounting and Information Management Division author aut Government Organization text government publication eng GAOREPORTS Legislative Agency Publications gao legislative 2010-08-12 U.S. Government Printing Office 1995-08-08 monographic deposited born digital 12 p. GA 1.13:AIMD-95-168 https://www.govinfo.gov/app/details/GAOREPORTS-AIMD-95-168 P0b002ee180382842 f:ai95168 DGPO 2010-08-12 2011-03-28 GAOREPORTS-AIMD-95-168 machine generated eng fdlp REPORT GAOREPORTS-AIMD-95-168 AIMD-95-168 Financial statement audits Internal controls Advance funding Defense industry Auditing standards Accounting procedures Financial records Electronic equipment industry Letter Report AIMD In the view of Price Waterhouse, SEMATECH's 1994 financial statement were fairly presented in all material respects and there were no material internal control weaknesses or noncompliance with law and regulations. Price Waterhouse did recommend that SEMATECH improve documentation over off-site assets. GAO found no indications during its reviews that the opinion of Price Waterhouse could not be relied upon. However, GAO did note the need for enhanced disclosure in the financial statements with respect to government agency funding, member company funding, and investments. GAO believes that SEMATECH should have disclosed in a July 1994 public announcement, its intent not to seek government funding after December 31, 1996, and the effect that this major funding reduction would have on its operations and financial condition. Also, more details should have been provided on the effect that advance notices of resignation by several consortium members may have on member company funding. Finally, further details should have been provided on the amounts and composition of funding provided and planned for investments. GAO suggests the Price Waterhouse discuss these matters in its opinion on SEMATECH's 1995 financial statements. https://www.govinfo.gov/content/pkg/GAOREPORTS-AIMD-95-168/html/GAOREPORTS-AIMD-95-168.htm https://www.govinfo.gov/content/pkg/GAOREPORTS-AIMD-95-168/pdf/GAOREPORTS-AIMD-95-168.pdf GAO/AIMD-95-168 https://www.govinfo.gov/app/details/GAOREPORTS-AIMD-95-168 Letter Report GAO/AIMD-95-168; Financial Audit: Review of the Audit of SEMATECH's Financial Statements for 1994; Financial statement audits Internal controls Advance funding Defense industry Auditing standards Accounting procedures Financial records Electronic equipment industry Public Law 100-180