BP 2010 Annual Report Download - page 147
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ConsolidatednancialstatementsoftheBPgroup
Financial statements
ReportofIndependentRegisteredPublicAccountingFirmonthe
AnnualReportonForm20-F
The Board of Directors and Shareholders of BP p.l.c.
WehaveauditedBPp.l.c.’sinternalcontrolovernancialreportingasof31December2010,basedoncriteriaestablishedinInternalControl:Revised
GuidanceforDirectorsontheCombinedCode(Turnbull)asissuedbytheInstituteofCharteredAccountantsinEnglandandWales(theTurnbullcriteria).
BPp.l.c.’smanagementisresponsibleformaintainingeffectiveinternalcontrolovernancialreporting,andforitsassessmentoftheeffectivenessof
internalcontrolovernancialreportingincludedintheaccompanyingManagement’sreportoninternalcontrolovernancialreportingonpage106.Our
responsibilityistoexpressanopiniononthecompany’sinternalcontrolovernancialreportingbasedonouraudit.
WeconductedourauditinaccordancewiththestandardsofthePublicCompanyAccountingOversightBoard(UnitedStates).Thosestandards
requirethatweplanandperformtheaudittoobtainreasonableassuranceaboutwhethereffectiveinternalcontrolovernancialreportingwasmaintained
inallmaterialrespects.Ourauditincludedobtaininganunderstandingofinternalcontrolovernancialreporting,assessingtheriskthatamaterial
weaknessexists,testingandevaluatingthedesignandoperatingeffectivenessofinternalcontrolbasedontheassessedrisk,andperformingsuchother
proceduresasweconsiderednecessaryinthecircumstances.Webelievethatourauditprovidesareasonablebasisforouropinion.
Acompany’sinternalcontrolovernancialreportingisaprocessdesignedtoprovidereasonableassuranceregardingthereliabilityofnancialreporting
andthepreparationofnancialstatementsforexternalpurposesinaccordancewithgenerallyacceptedaccountingprinciples.Acompany’sinternalcontrol
overnancialreportingincludesthosepoliciesandproceduresthat(1)pertaintothemaintenanceofrecordsthat,inreasonabledetail,accuratelyandfairly
reectthetransactionsanddispositionsoftheassetsofthecompany;(2)providereasonableassurancethattransactionsarerecordedasnecessarytopermit
preparationofnancialstatementsinaccordancewithgenerallyacceptedaccountingprinciples,andthatreceiptsandexpendituresofthecompanyarebeing
madeonlyinaccordancewithauthorizationsofmanagementanddirectorsofthecompany;and(3)providereasonableassuranceregardingpreventionor
timelydetectionofunauthorizedacquisition,use,ordispositionofthecompany’sassetsthatcouldhaveamaterialeffectonthenancialstatements.
Becauseofitsinherentlimitations,internalcontrolovernancialreportingmaynotpreventordetectmisstatements.Also,projectionsofany
evaluationofeffectivenesstofutureperiodsaresubjecttotheriskthatcontrolsmaybecomeinadequatebecauseofchangesinconditions,orthatthe
degreeofcompliancewiththepoliciesorproceduresmaydeteriorate.
Inouropinion,BPp.l.c.maintained,inallmaterialrespects,effectiveinternalcontrolovernancialreportingasof31December2010,basedonthe
Turnbullcriteria.
Wealsohaveaudited,inaccordancewiththestandardsofthePublicCompanyAccountingOversightBoard(UnitedStates),thegroupbalance
sheetsofBPp.l.c.asof31December2010and2009,andtherelatedgroupincomestatement,groupcashowstatement,groupstatementof
comprehensiveincomeandgroupstatementofchangesinequity,foreachofthethreeyearsintheperiodended31December2010,andourreport
dated2March2011expressedanunqualiedopinionthereon.
/s/ERNST & YOUNG LLP
Ernst&YoungLLP
London,England
2March2011
Consentofindependentregisteredpublicaccountingrm
Weconsenttotheincorporationbyreferenceofourreportsdated2March2011withrespecttothegroupnancialstatementsofBPp.l.c.,andthe
effectivenessofinternalcontrolovernancialreportingofBPp.l.c.,includedinthisAnnualReport(Form20-F)fortheyearended31December2010in
thefollowingregistrationstatements:
RegistrationStatementonFormF-3(FileNo.333-157906)ofBPCapitalMarketsp.l.c.andBPp.l.c.;and
RegistrationStatementsonFormS-8(FileNos.333-149778,333-119934,333-103923,333-79399,333-67206,333-102583,333-103924,
333-123482,333-123483,333-131583,333-146868,333-146870,333-146873,333-131584and333-132619)ofBPp.l.c.
/s/ERNST & YOUNG LLP
Ernst&YoungLLP
London,England
2March2011
ThemaintenanceandintegrityoftheBPp.l.c.websitearetheresponsibilityofthedirectors;theworkcarriedoutbytheauditorsdoesnotinvolveconsiderationofthesemattersand,accordingly,the
auditorsacceptnoresponsibilityforanychangesthatmayhaveoccurredtothenancialstatementssincetheywereinitiallypresentedonthewebsite.
LegislationintheUnitedKingdomgoverningthepreparationanddisseminationofnancialstatementsmaydifferfromlegislationinotherjurisdictions.
BPAnnualReportandForm20-F2010 145