BP 2010 Annual Report Download - page 254
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Please find page 254 of the 2010 BP annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.ParentcompanynancialstatementsofBPp.l.c.
Independentauditor’sreporttothemembersofBPp.l.c.
WehaveauditedtheparentcompanynancialstatementsofBPp.l.c.fortheyearended31December2010whichcomprisethecompanybalancesheet,
thecompanycashowstatement,thecompanystatementoftotalrecognizedgainsandlossesandtherelatednotes1to14.Thenancialreporting
frameworkthathasbeenappliedintheirpreparationisapplicablelawandUnitedKingdomaccountingstandards(UnitedKingdomgenerallyaccepted
accountingpractice).
Thisreportismadesolelytothecompany’smembers,asabody,inaccordancewithChapter3ofPart16oftheCompaniesAct2006.Ouraudit
workhasbeenundertakensothatwemightstatetothecompany’smembersthosematterswearerequiredtostatetotheminanauditor’sreportand
fornootherpurpose.Tothefullestextentpermittedbylaw,wedonotacceptorassumeresponsibilitytoanyoneotherthanthecompanyandthe
company’smembersasabody,forourauditwork,forthisreport,orfortheopinionswehaveformed.
Respective responsibilities of directors and auditors
AsexplainedmorefullyintheStatementofdirectors’responsibilitiesinrespectoftheparentcompanynancialstatementssetoutonpagePC1,the
directorsareresponsibleforthepreparationoftheparentcompanynancialstatementsandforbeingsatisedthattheygiveatrueandfairview.Our
responsibilityistoaudittheparentcompanynancialstatementsinaccordancewithapplicablelawandInternationalStandardsonAuditing(UKand
Ireland).ThosestandardsrequireustocomplywiththeAuditingPracticesBoard’sEthicalStandardsforAuditors.
Scope of the audit of the nancial statements
Anauditinvolvesobtainingevidenceabouttheamountsanddisclosuresinthenancialstatementssufcienttogivereasonableassurancethatthe
nancialstatementsarefreefrommaterialmisstatement,whethercausedbyfraudorerror.Thisincludesanassessmentof:whethertheaccounting
policiesareappropriatetotheparentcompany’scircumstancesandhavebeenconsistentlyappliedandadequatelydisclosed;thereasonablenessof
signicantaccountingestimatesmadebythedirectors;andtheoverallpresentationofthenancialstatements.
Opinion on nancial statements
Inouropiniontheparentcompanynancialstatements:
• giveatrueandfairviewofthestateofthecompany’saffairsasat31December2010;
• havebeenproperlypreparedinaccordancewithUnitedKingdomgenerallyacceptedaccountingpractice;and
• havebeenpreparedinaccordancewiththerequirementsoftheCompaniesAct2006.
Opinion on other matters prescribed by the Companies Act 2006
Inouropinion:
• thepartoftheDirectors’remunerationreporttobeauditedhasbeenproperlypreparedinaccordancewiththeCompaniesAct2006;and
• theinformationgivenintheDirectors’Reportforthenancialyearforwhichtheparentcompanynancialstatementsarepreparedisconsistentwith
theparentcompanynancialstatements.
Matters on which we are required to report by exception
WehavenothingtoreportinrespectofthefollowingmatterswheretheCompaniesAct2006requiresustoreporttoyouif,inouropinion:
• adequateaccountingrecordshavenotbeenkeptbytheparentcompany,orreturnsadequateforouraudithavenotbeenreceivedfrombranchesnot
visitedbyus;or
• theparentcompanynancialstatementsandthepartoftheDirectors’remunerationreporttobeauditedarenotinagreementwiththeaccounting
recordsandreturns;or
• certaindisclosuresofdirectors’remunerationspeciedbylawarenotmade;or
• wehavenotreceivedalltheinformationandexplanationswerequireforouraudit.
Other matter
WehavereportedseparatelyontheconsolidatednancialstatementsofBPp.l.c.fortheyearended31December2010.Thatreportincludesan
emphasisofmatteronthesignicantuncertaintyoverprovisionsandcontingenciesrelatedtotheGulfofMexicooilspill.
Ernst & Young LLP
AllisterWilson(Seniorstatutoryauditor)
forandonbehalfofErnst&YoungLLP,StatutoryAuditor
London
2March2011
ThemaintenanceandintegrityoftheBPp.l.c.websitearetheresponsibilityofthedirectors;theworkcarriedoutbytheauditorsdoesnotinvolveconsiderationofthesemattersand,accordingly,the
auditorsacceptnoresponsibilityforanychangesthatmayhaveoccurredtothenancialstatementssincetheywereinitiallypresentedonthewebsite.
LegislationintheUnitedKingdomgoverningthepreparationanddisseminationofnancialstatementsmaydifferfromlegislationinotherjurisdictions.
TheparentcompanynancialstatementsofBPp.l.c.onpagesPC1–PC16donotformpartofBP’sAnnualReportonForm20-FasledwiththeSEC.
PC2BPAnnualReportandForm20-F2010