BP 2008 Annual Report Download - page 181
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1
BP Annual Report and Accounts 2008
Additional information for US reporting
Additional information for US reporting
The notes below are included to meet ongoing US reporting obligations.
48. Auditor’s remuneration for US reporting
$ million
2008 2007 2006
Audit fees – Ernst & Young
Group audit 34 37 36
Audit-related regulatory reporting 67 9
Statutory audit of subsidiaries 17 19 19
57 63 64
Fees for other services – Ernst & Young
Further assurance services
Acquisition and disposal due diligence 21 3
Pension plan audits 11 –
Other further assurance services 58 5
Tax services
Compliance services ––
Advisory services 22 –
10 12 9
Audit fees for 2008 include $3 million of additional fees for 2007 (2007 $7 million of additional fees for 2006 and 2006 $5 million of additional fees for
2005). Audit fees are included in the income statement within distribution and administration expenses.
Other further assurance services include nil (2007 $1 million and 2006 nil) in respect of advice on accounting, auditing and financial reporting
matters; $5 million (2007 $5 million and 2006 $5 million) in respect of non-statutory audits and nil (2007 $2 million and 2006 nil) in respect of project
assurance and advice on business and accounting process improvement.
The tax services relate to income tax and indirect tax compliance, employee tax services and tax advisory services.
The audit committee has established pre-approval policies and procedures for the engagement of Ernst & Young to render audit and certain
assurance and tax services. The audit fees payable to Ernst & Young are reviewed by the audit committee in the context of other global companies for
cost-effectiveness. Ernst & Young performed further assurance and tax services that were not prohibited by regulatory or other professional
requirements and were pre-approved by the committee. Ernst & Young is engaged for these services when its expertise and experience of BP are
important. Most of this work is of an audit nature. Tax services were awarded either through a full competitive tender process or following an
assessment of the expertise of Ernst & Young compared with that of other potential service providers. These services are for a fixed term.
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