BP 2012 Annual Report Download - page 182

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 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. 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
2012 and 2011, and the group results of its operations and its cash flows for each of the three years in the period ended 31 December 2012, 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 Notes 2, 36 and 43 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.
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 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) 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
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.
180 Financial statements
BP Annual Report and Form 20-F 2012