BP 2008 Annual Report Download - page 104

BP Annual Report and Accounts 2008
Consolidated financial statements of the BP group
Independent auditor’s report to the members of BP p.l.c.
We have audited the consolidated financial statements of BP p.l.c. for the year ended 31 December 2008 which comprise the group income
statement, the group balance sheet, the group cash flow statement, the group statement of recognized income and expense and the related notes 1
to 47. These consolidated financial statements have been prepared under the accounting policies set out therein.
We have reported separately on the parent company financial statements of BP p.l.c. for the year ended 31 December 2008 and on the
information in the Directors’ Remuneration Report that is described as having been audited.
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 and the consolidated financial statements in accordance with applicable United Kingdom
law and International Financial Reporting Standards (IFRS) as adopted by the European Union as set out in the Statement of directors’ responsibilities
in respect of the consolidated financial statements.
Our responsibility is to audit the consolidated financial statements 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 consolidated financial statements give a true and fair view and whether the consolidated
financial statements have been properly prepared in accordance with the Companies Act 1985 and Article 4 of the IAS Regulation. We also report
to you whether in our opinion the information given in the directors’ report, including the business review, is consistent with the financial statements.
In addition we report to you if, in our opinion, 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 review whether the BP board performance report reflects the company’s compliance with the nine provisions of the 2006 Combined Code
Principles of Good Governance and Code of Best Practice specified for our review by the Listing Rules of the Financial Services Authority, and we
report if it does not. We are not required to consider whether the board’s statements on internal control cover all risks and controls, or form an opinion
on the effectiveness of the group’s corporate governance procedures or its risk and control procedures.
We read other information contained in the Annual Report and consider whether it is consistent with the audited consolidated financial
statements. The other information comprises the Additional information for US reporting, the Supplementary information on oil and natural gas and
the BP board performance report. We consider the implications for our report if we become aware of any apparent misstatements or material
inconsistencies with the consolidated 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 consolidated financial statements. It also includes
an assessment of the significant estimates and judgements made by the directors in the preparation of the consolidated financial statements, and
of whether the accounting policies are appropriate to the group’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 consolidated financial statements 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
consolidated financial statements.
Opinion
In our opinion:
• The consolidated financial statements give a true and fair view, in accordance with IFRS as adopted by the European Union, of the state
of the group’s affairs as at 31 December 2008 and of its profit for the year then ended.
• The consolidated financial statements have been properly prepared in accordance with the Companies Act 1985 and Article 4 of the
IAS Regulation.
• The information given in the directors’ report is consistent with the consolidated financial statements.
Separate opinion in relation to IFRS as issued by the International Accounting Standards Board
As explained in Note 1 to the consolidated financial statements, the group, in addition to complying with its legal obligation to comply with IFRS as
adopted by the European Union, has also complied with IFRS as issued by the International Accounting Standards Board.
In our opinion the consolidated financial statements give a true and fair view, in accordance with IFRS as issued by the International Accounting
Standards Board, of the state of the group’s affairs as at 31 December 2008 and of its profit for the year then ended.
Ernst & Young LLP
Registered auditor
London
24 February 2009
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 occurred to the financial
statements since they were initially presented on the website.
Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Financial statements
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