USPTO Performance and Accountability Report - U.S. Patent and ...

United States Patent and Trademark Office
Independent Auditors’ Report
November 7, 2012
Page 2 of 7
Opinion on the Financial Statements
INDEPENDENT AUDITORS’ REPORT
We have audited the accompanying consolidated balance sheets of the United States Patent and Trademark
Office as of September 30, 2012 and 2011, and the related consolidated statements of net cost and changes
in net position, and the combined statements of budgetary resources for the years then ended.
In our opinion, the consolidated financial statements referred to above present fairly, in all material
respects, the financial position of the United States Patent and Trademark Office as of September 30, 2012
and 2011, and its net costs, changes in net position, and budgetary resources for the years then ended, in
conformity with U.S. generally accepted accounting principles.
As discussed in Note 1 Reclassifications to the consolidated financial statements, the USPTO changed its
presentation for reporting the combined statement of budgetary resources in fiscal year 2012, based on new
reporting guidance under OMB Circular No. A-136, Financial Reporting Requirements. As a result, the
USPTO’s combined statement of budgetary resources for fiscal year 2011 has been adjusted to conform to
the current year presentation.
U.S. generally accepted accounting principles require that the information in the Management’s Discussion
and Analysis section be presented to supplement the basic consolidated financial statements. Such
information, although not a part of the basic consolidated financial statements, is required by the Federal
Accounting Standards Advisory Board who considers it to be an essential part of financial reporting for
placing the basic consolidated financial statements in an appropriate operational, economic, or historical
context. We have applied certain limited procedures to the required supplementary information in
accordance with auditing standards generally accepted in the United States of America, which consisted of
inquiries of management about the methods of preparing the information and comparing the information
for consistency with management’s responses to our inquiries, the basic consolidated financial statements,
and other knowledge we obtained during our audits of the basic consolidated financial statements. We do
not express an opinion or provide any assurance on the information because the limited procedures do not
provide us with sufficient evidence to express an opinion or provide any assurance.
Our audits were conducted for the purpose of forming an opinion on the basic consolidated financial
statements as a whole. The consolidated statements of cash flows for the years ended September 30, 2012
and 2011 are presented for purposes of additional analysis and are not a required part of the basic
consolidated financial statements. Such information is the responsibility of management and was derived
from and relates directly to the underlying accounting and other records used to prepare the basic
consolidated financial statements. The consolidated statements of cash flows for the years ended
September 30, 2012 and 2011 have been subjected to the auditing procedures applied in the audit of the
basic consolidated financial statements and certain additional procedures, including comparing and
reconciling such information directly to the underlying accounting and other records used to prepare the
basic consolidated financial statements or the basic consolidated financial statements themselves, and other
additional procedures in accordance with auditing standards generally accepted in the United States of
America. In our opinion, the consolidated statements of cash flows for the years ended September 30,
2012 and 2011 are fairly stated in all material respects in relation to the basic consolidated financial
statements as a whole. The information in the Message from the Under Secretary of Commerce for
Intellectual Property and Director of the USPTO section, the Message from the Chief Financial Officer
section, and the Other Accompanying Information section are presented for purposes of additional analysis
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