BP 2011 Annual Report Download - page 179

Financial statements
BP Annual Report and Form 20-F 2011 177
Consolidated financial statements of the BP group
Report of Independent Registered Public Accounting Firm on the
Annual Report on Form 20-F
The Board of Directors and Shareholders of BP p.l.c.
We have audited BP p.l.c.’s internal control over financial reporting as of 31 December 2011, based on criteria established in Internal Control: Revised
Guidance for Directors on the Combined Code (Turnbull) as issued by the Institute of Chartered Accountants in England and Wales (the Turnbull criteria).
BP p.l.c.’s management is responsible for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of
internal control over financial reporting included in the accompanying Management’s report on internal control over financial reporting on page 135. Our
responsibility is to express an opinion on the company’s internal control over financial reporting based on our audit.
We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards
require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained
in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material
weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other
procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s
internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail,
accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are
recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and
expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide
reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a
material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any
evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the
degree of compliance with the policies or procedures may deteriorate.
In our opinion, BP p.l.c. maintained, in all material respects, effective internal control over financial reporting as of 31 December 2011, based on the
Turnbull criteria.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the group balance
sheets of BP p.l.c. as of 31 December 2011 and 2010, and the related group income statement, group statement of comprehensive income, group
statement of changes in equity and group cash flow statement for each of the three years in the period ended 31 December 2011, and our report dated
6 March 2012 expressed an unqualified opinion thereon.
/s/ERNST & YOUNG LLP
Ernst & Young LLP
London, England
6 March 2012
Consent of independent registered public accounting firm
We consent to the incorporation by reference of our reports dated 6 March 2012 with respect to the consolidated financial statements of BP p.l.c., and
the effectiveness of internal control over financial reporting of BP p.l.c., included in this Annual Report (Form 20-F) for the year ended 31 December 2011
in the following registration statements:
Registration Statement on Form F-3 (File No. 333-157906) of BP Capital Markets p.l.c. and BP p.l.c.; and
Registration Statements on Form S-8 (File Nos. 333-149778, 333-119934, 333-103923, 333-79399, 333-67206, 333-102583, 333-103924,
333-123482, 333-123483, 333-131583, 333-146868, 333-146870, 333-146873, 333-131584, 333-132619, 333-173136, 333-177423 and
333-179406) of BP p.l.c.
/s/ERNST & YOUNG LLP
Ernst & Young LLP
London, England
6 March 2012
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.