In response to a legislative requirement, GAO reviewed a certified public accountant's audits of the financial statements of the Semiconductor Manufacturing Technology Consortium (SEMATECH), a consortium of 14 U.S. semiconductor manufacturers and the Department of Defense (DOD). GAO found that: (1) at least two SEMATECH member companies have included a portion of their SEMATECH contributions for reimbursement as government contract overhead costs, and while this is in accordance with government cost accounting principles, ...
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In response to a legislative requirement, GAO reviewed a certified public accountant's audits of the financial statements of the Semiconductor Manufacturing Technology Consortium (SEMATECH), a consortium of 14 U.S. semiconductor manufacturers and the Department of Defense (DOD). GAO found that: (1) at least two SEMATECH member companies have included a portion of their SEMATECH contributions for reimbursement as government contract overhead costs, and while this is in accordance with government cost accounting principles, it indirectly increases the federal government's overall support for SEMATECH research and development (R&D) activities; (2) SEMATECH declined to disclose that it was making postemployment payments to its former chief operating officer, citing their immateriality to the financial statements; (3) SEMATECH erroneously computed depreciation using the double declining balance method instead of the straight-line method for $44 million of $175 million it spent on manufacturing and research facilities; (4) SEMATECH understated depreciation expenses for specialized manufacturing equipment in 1989 because it applied different depreciation methods for the equipment's installation costs, instead of depreciating installation costs in the same manner as the installed capital; and (5) the records presented fairly the financial position of SEMATECH in conformance with generally accepted accounting principles.
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Add this copy of Federal Research: Assessment of the Financial Audit for to cart. $33.17, new condition, Sold by Booksplease rated 3.0 out of 5 stars, ships from Southport, MERSEYSIDE, UNITED KINGDOM, published 2013 by Bibliogov.
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Add this copy of Federal Research: Assessment of the Financial Audit for to cart. $52.07, good condition, Sold by Bonita rated 4.0 out of 5 stars, ships from Newport Coast, CA, UNITED STATES, published 2013 by Bibliogov.
