BP Annual Report and Form 20-F 2011 - Company Reporting

Consolidated financial statements of the BP groupReport of Independent Registered Public Accounting Firm on theAnnual Report on Form 20-FThe Board of Directors and Shareholders of BP p.l.c.We have audited BP p.l.c.’s internal control over financial reporting as of 31 December 2011, based on criteria established in Internal Control: RevisedGuidance for Directors on the Combined Code (Turnbull) as issued by the Institute of Chartered Accountants in England and Wales (the Turnbull criteria).BP p.l.c.’s management is responsible for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness ofinternal control over financial reporting included in the accompanying Management’s report on internal control over financial reporting on page 135. Ourresponsibility is to express an opinion on the company’s internal control over financial reporting based on our audit.We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standardsrequire that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintainedin all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a materialweakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such otherprocedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’sinternal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail,accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions arerecorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts andexpenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) providereasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have amaterial effect on the financial statements.Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of anyevaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that thedegree of compliance with the policies or procedures may deteriorate.In our opinion, BP p.l.c. maintained, in all material respects, effective internal control over financial reporting as of 31 December 2011, based on theTurnbull criteria.We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the group balancesheets of BP p.l.c. as of 31 December 2011 and 2010, and the related group income statement, group statement of comprehensive income, groupstatement of changes in equity and group cash flow statement for each of the three years in the period ended 31 December 2011, and our report dated6 March 2012 expressed an unqualified opinion thereon./s/ERNST & YOUNG LLPErnst & Young LLPLondon, England6 March 2012Consent of independent registered public accounting firmWe consent to the incorporation by reference of our reports dated 6 March 2012 with respect to the consolidated financial statements of BP p.l.c., andthe effectiveness of internal control over financial reporting of BP p.l.c., included in this Annual Report (Form 20-F) for the year ended 31 December 2011in the following registration statements:Registration Statement on Form F-3 (File No. 333-157906) of BP Capital Markets p.l.c. and BP p.l.c.; andRegistration Statements on Form S-8 (File Nos. 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, 333-131584, 333-132619, 333-173136, 333-177423 and333-179406) of BP p.l.c./s/ERNST & YOUNG LLPErnst & Young LLPLondon, England6 March 2012Financial statementsThe 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 involveconsideration of these matters and, accordingly, the auditors accept no responsibility for any changes that may have occurred to the financial statementssince they were initially presented on the website. Legislation in the United Kingdom governing the preparation and dissemination of financial statementsmay differ from legislation in other jurisdictions.BP Annual Report and Form 20-F 2011 177