BP 2013 Annual Report Download - page 124

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 the accompanying group balance sheets of BP p.l.c. as of 31 December 2013, 31 December 2012 and 1 January 2012, 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 2013. These financial statements are the responsibility of the Company’s management. Our
responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits 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 the financial statements are free of material misstatement.
An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the group financial position of BP p.l.c. at 31 December
2013, 31 December 2012 and 1 January 2012 and the group results of its operations and its cash flows for each of the three years in the period ended
31 December 2013, in accordance with International Financial Reporting Standards as adopted by the European Union and International Financial
Reporting Standards as issued by the International Accounting Standards Board.
In forming our opinion we have considered the adequacy of the disclosures made in Note 2 to the financial statements concerning the provisions,
future expenditures for which reliable estimates cannot be made and other contingencies related to the Gulf of Mexico oil spill significant event. The
total amounts that will ultimately be paid by BP in relation to all obligations relating to the incident are subject to significant uncertainty and the ultimate
exposure and cost to BP will be dependent on many factors. Furthermore, significant uncertainty exists in relation to the amount of claims that will
become payable by BP, the amount of fines that will ultimately be levied on BP (including any determination of BP’s culpability based on any findings of
negligence, gross negligence or wilful misconduct), the outcome of litigation and arbitration proceedings, and any costs arising from any longer-term
environmental consequences of the oil spill, which will also impact upon the ultimate cost for BP. Our opinion is not qualified in respect of these
matters.
As discussed in Note 1 to the consolidated financial statements, the group has changed its accounting policies for employee benefits and interests in
joint arrangements, including related disclosures, as a result of adopting new and revised International Financial Reporting Standards.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), BP p.l.c.’s internal control
over financial reporting as of 31 December 2013, 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) and our report dated 6 March 2014 expressed
an unqualified opinion.
/s/ Ernst & Young LLP
London, England
6 March 2014
120 BP Annual Report and Form 20-F 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 Kindom governing the preparation and dissemination of financial statements may differ from legislation in other
jurisdictions.