BP 2014 Annual Report Download - page 98

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 2014, 31 December 2013 and 1 January 2013, 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 2014. 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
2014, 31 December 2013 and 1 January 2013, and the group results of its operations and its cash flows for each of the three years in the period ended
31 December 2014, 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 on the group financial statements we have considered the adequacy of the disclosure in Note 2 to the financial statements
concerning the provisions, future expenditures which cannot be reliably estimated and other contingent liabilities related to the claims, penalties and
litigation arising from the Gulf of Mexico oil spill. The total amount that will ultimately be paid by BP in relation to all obligations arising from this
significant event is subject to significant uncertainty and the ultimate exposure and cost to BP is dependent on many factors, including but not limited
to, the determinations of the Courts and Regulatory authorities in the US. Significant uncertainty exists in relation to the amount of claims that will
become payable by BP and the amount of fines that will be levied on BP (including any ultimate determination of BP’s culpability based on negligence,
gross negligence or wilful misconduct). The outcome of litigation and the cost of the longer term environmental consequences of the oil spill are also
subject to significant uncertainty. For these reasons it is not possible to estimate reliably the ultimate cost to BP. Our opinion is not qualified in respect
of these matters.
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 2014, 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 3 March 2015 expressed
an unqualified opinion.
/s/ Ernst & Young LLP
London, England
3 March 2015
1. The maintenance and integrity of the BP p.l.c. website are the responsibility of BP p.l.c.; 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.
94 BP Annual Report and Form 20-F 2014