FINANCIAL Statements

The USPTO received an unqualified (clean) audit opinion from the independent public accounting firm of KPMG LLP on its FY 2006 financial statements, provided on pages 76 to 97. This is the 14th consecutive year that the USPTO received a clean opinion. Our unqualified audit opinion provides independent assurance to the public that the information presented in the USPTO financial statements is fairly presented, in all material respects, in conformity with accounting principles generally accepted in the United States of America. In addition, KPMG LLP reported no material weaknesses or reportable conditions in the USPTO’s internal control, and no instances of non-compliance with laws and regulations affecting the financial statements.

The USPTO financial management process ensures that management decision-making information is dependable, internal controls over financial reporting are effective, and that compliance with laws and regulations is maintained. The preparation of these financial statements is a component of the USPTO’s objective to continually improve the accuracy and usefulness of its financial management tools.

The following sections provide a discussion and analysis of the financial statements and related information:

3.6.4  Statement of Budgetary Resources

3.6.5  Statemet of Net Cost

3.6.6  Earned Revenue

3.6.7  Program Costs

3.6.8  Balance Sheet and Statement of Changes in Net Position

3.6.9  Limitations

3.6.10  Management Responsibilities

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