The USPTO received an unqualified (clean) audit opinion from the independent public accounting firm of KPMG LLP on its FY 2010 financial statements, provided on pages 67 to 93. This is the 18th 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 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.