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AIMD-95-164R 1 (1995-07-20)

handle is hein.gao/gaobackwm0001 and id is 1 raw text is: GA United States General Accounting Office Washington, D.C. 20548 Accounting and Information Management Division B-261989 July 20, 1995 Mr. Daniel A. Damon Chief Financial Officer SEMATECH 2706 Montopolis Drive Austin, TX 78741 Dear Mr. Damon: We have completed our review of the Price Waterhouse audit of SEMATECH's financial statements for 1994 and are now preparing a report (GAO/AIMD-95-168) on our review for the Chairmen, Senate Committee on Armed Services and House Committee on National Security. We performed this review pursuant to the National Defense Authorization Act for Fiscal Years 1988 and 1989 (Public Law 100-180). Our review found no indication that Price Waterhouse's opinion on SEMATECH's 1994 financial statements, its report on internal control structure, or its report on compliance with laws and regulations cannot be relied upon. However, based on our review, we noted the need for enhanced disclosures in the financial statements with respect to (1) government agency funding, (2) member company funding, and (3) investments. In this regard, we are making specific suggestions to provide enhanced disclosures in the notes to SEMATECH's future financial statements. We are providing examples of wording to illustrate how our suggestions might be implemented. We used the symbol X in lieu of some names and numbers for purposes of these illustrations. GOVERNMENT AGENCY FUNDING We believe that SEMATECH should disclose in its financial statements its July 15, 1994, public announcement of its intent not to seek government funding after December 31, 1996, and the effects the significant reduction in revenues would have on its operations and financial statements. Through discussions with you, we understand that this GAO/AIMD-95-164R SEMATECH Enhanced Disclosure

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