BP 2005 Annual Report Download - page 145

Independent auditors’ report
We have audited the parent company financial statements of BP p.l.c. for the year ended 31 December 2005 which comprise the balance sheet,
cash flow statement, statement of total recognized gains and losses, accounting policies and the related notes 1 to 11. These parent company
financial statements have been prepared under the accounting policies set out therein. We have also audited the information in the Directors’
Remuneration Report that is described as having been audited.
We have reported separately on the consolidated financial statements of BP p.l.c. for the year ended 31 December 2005.
This report is made solely to the company’s members, as a body, in accordance with Section 235 of the Companies Act 1985. Our audit work
has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditors’ report and
for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the
company’s members as a body, for our audit work, for this report or for the opinions we have formed.
RESPECTIVE RESPONSIBILITIES OF DIRECTORS AND AUDITORS
The directors are responsible for preparing the Annual Report, the Directors’ Remuneration Report and the parent company financial statements in
accordance with applicable United Kingdom law and Accounting Standards (United Kingdom generally accepted accounting practice) as set out in
the Statement of Directors’ Responsibilities.
Our responsibility is to audit the parent company financial statements and the part of the Directors’ Remuneration Report to be audited in
accordance with relevant legal and regulatory requirements and International Standards on Auditing (UK and Ireland).
We report to you our opinion as to whether the parent company financial statements give a true and fair view and whether the parent company
financial statements and the part of the Directors’ Remuneration Report to be audited have been properly prepared in accordance with the
Companies Act 1985. We also report to you if, in our opinion, the Directors’ Report is not consistent with the parent company financial statements,
if the company has not kept proper accounting records, if we have not received all the information and explanations we require for our audit or if
information specified by law regarding directors’ remuneration and other transactions is not disclosed.
We read other information contained in the Annual Report and consider whether it is consistent with the audited parent company financial
statements. The other information comprises the United States accounting principles, the supplementary information on oil and natural gas
quantities, the other financial and operating data, the Directors’ Report, the Chairman’s letter, and Governance: board performance report.
We consider the implications for our report if we become aware of any apparent misstatements or material inconsistencies with the parent
company financial statements. Our responsibilities do not extend to any other information.
BASIS OF AUDIT OPINION
We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing Practices Board. An audit
includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the parent company financial statements and the part
of the Directors’ Remuneration Report to be audited. It also includes an assessment of the significant estimates and judgements made by the
directors in the preparation of the parent company financial statements and of whether the accounting policies are appropriate to the company’s
circumstances, consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the information and explanations that we considered necessary in order to provide us
with sufficient evidence to give reasonable assurance that the parent company financial statements and the part of the Directors’ Remuneration
Report to be audited are free from material misstatement, whether caused by fraud or other irregularity or error. In forming our opinion we also
evaluated the overall adequacy of the presentation of information in the parent company financial statements and the part of the Directors’
Remuneration Report to be audited.
OPINION
In our opinion:
••• the parent company financial statements give a true and fair view, in accordance with United Kingdom generally accepted accounting practice,
of the state of the company’s affairs as at 31 December 2005; and
••• the parent company financial statements and the part of the Directors’ Remuneration Report to be audited have been properly prepared
in accordance with the Companies Act 1985.
Ernst & Young LLP
Registered auditor
London
6 February 2006
BP Annual Report and Accounts 2005 143