BP 2012 Annual Report Download - page 183

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 at 31 December 2012, based on criteria established in Internal Control: Revised
Guidance for Directors on the Combined Code as issued by the Institute of Chartered Accountants in England and Wales (the Turnbull guidance). 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 on page 149. 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 inall
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 at 31 December 2012, based on the
Turnbull guidance.
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 at 31 December 2012 and 2011, 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 2012, and our report dated 6 March
2013 expressed an unqualified opinion thereon.
/s/ Ernst & Young LLP
Ernst & Young LLP
London, United Kingdom
6 March 2013
Consent of independent registered public accounting firm
We consent to the incorporation by reference of our reports dated 6 March 2013, with respect to the group 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 and Form 20-F for the year ended 31 December 2012
in the following Registration Statements:
Registration Statements on Form F-3 (File No. 333-179953, 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, 333-79399, 333-67206, 333-103924, 333-123482, 333-123483, 333-131583, 333-
146868, 333-146870, 333-146873, 333-131584, 333-132619, 333-173136, 333-177423, 333-179406, 333-186463 and 333-186462) of BP p.l.c.
/s/ Ernst & Young LLP
Ernst & Young LLP
London, United Kingdom
6 March 2013
1. 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.
2. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other
jurisdictions.
Financial statements 181
BP Annual Report and Form 20-F 2012
Financial statements