Financial Highlights: Financial Statements
T he USPTO received an unqualified (clean) audit opinion from the independent public accounting firm of KPMG LLP on its fiscal year 2004 financial statements, provided on pages 71 to 94. This is the twelfth consecutive year that the USPTO received a clean opinion. This record of unqualified audit opinions 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 over financial reporting, and no instances of non-compliance with laws and regulations affecting the financial statements.
The USPTO financial statements ensure 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 statements is a component of the USPTO goal to continually improve the accuracy and utility of its financial management tools.
The following sections provide a discussion and analysis of the financial statements and related information.