BP 2006 Annual Report Download - page 208

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Independent auditor’s report to the members of BP p.l.c.
We have audited the parent company financial statements of BP p.l.c. for the year ended 31 December 2006 which comprise the company balance
sheet, the company cash flow statement, the company statement of total recognized gains and losses and the related notes 1 to 13. 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 2006.
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’ responsibilities 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) are 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 whether in our opinion the information given in the parent company directors’ report is consistent with the financial
statements.
In addition we report to you if, in our opinion, 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 Directors’ report and the unaudited part of the Directors’ Remuneration 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 which 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 2006.
– 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.
– The information given in the directors’ report is consistent with the parent company financial statements.
Ernst & Young LLP
Registered auditor
London
23 February 2007
The maintenance and integrity of the BP p.l.c. website are the responsibility of the directors; the work carried out by the auditors does not involve
consideration of these matters and, accordingly, the auditors accept no responsibility for any changes that may have occured to the financial statements
since they were initially presented on the website or any other website they are presented on.
Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other
jurisdictions.