Financial Statements

The USPTO received an unqualified (clean) audit opinion from the independent public accounting firm of KPMG LLP on its FY 2007 financial statements, provided on pages 67 to 91. This is the 15th 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 for FY 2007, KPMG LLP reported no material weaknesses or significant deficiencies 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.

3.7.4  Statement of Budgetary Resources

3.7.5  Statement of Net Cost

3.7.6  Earned Revenue

3.7.7  Program Costs

3.7.8  Balance Sheet and Statement of Changes in Net Position

3.7.9  Limitation on Financial Statements

3.7.10  Management Responsibilities

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