REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
To the Plan Administrator and Plan Participants of the
LiquidPower Specialty Products Inc. 401(k) and Profit Sharing
Opinion on the Financial Statements
We have audited the accompanying statements of net assets available
for benefits of the LiquidPower Specialty Products Inc. 401(k) and
Profit Sharing Plan (the “Plan”) as of December 31, 2020 and
2019, and the related statement of changes in net assets available
for benefits for the year ended December 31, 2020, and the
related notes and schedules (collectively referred to as the
financial statements). In our opinion, the financial statements
present fairly, in all material respects, the net assets available
for benefits of the Plan as of December 31, 2020 and 2019, and
the changes in net assets available for benefits for the year ended
December 31, 2020, in conformity with U.S. generally accepted
Basis for Opinion
These financial statements are the responsibility of the Plan’s
management. Our responsibility is to express an opinion on the
Plan’s financial statements based on our audits. We are a public
accounting firm registered with the Public Company Accounting
Oversight Board (United States) (“PCAOB”) and are required to be
independent with respect to the Plan in accordance with the U.S.
federal securities laws and the applicable rules and regulations of
the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the
PCAOB. Those standards require that we plan and perform the audits
to obtain reasonable assurance about whether the financial
statements are free of material misstatement, whether due to error
or fraud. The Plan is not required to have, nor were we engaged to
perform, an audit of its internal control over financial reporting.
As part of our audits, we are required to obtain an understanding
of internal control over financial reporting, but not for the
purpose of expressing an opinion on the effectiveness of the Plan’s
internal control over financial reporting. Accordingly, we express
no such opinion.
Our audits included performing procedures to assess the risks of
material misstatement of the financial statements, whether due to
error or fraud, and performing procedures that respond to those
risks. Such procedures included examining, on a test basis,
evidence regarding the amounts and disclosures in the financial
statements. Our audits also included evaluating the accounting
principles used and significant estimates made by management, as
well as evaluating the overall presentation of the financial
statements. We believe that our audits provide a reasonable basis
for our opinion.
The supplemental information contained in Schedule H, line 4i has
been subjected to audit procedures performed in conjunction with
the audit of the Plan’s financial statements. The supplemental
information is the responsibility of the Plan’s management. Our
audit procedures included determining whether the supplemental
information reconciles to the financial statements or the
underlying accounting and other records, as applicable, and
performing procedures to test the completeness and accuracy of the
information presented in the supplemental information. In forming
our opinion on the supplemental information, we evaluated whether
the supplemental information, including its form and content, is
presented in conformity with the Department of Labor’s Rules and
Regulations for Reporting and Disclosure under the Employee
Retirement Income Security Act of 1974. In our opinion, the
supplemental information is fairly stated, in all material
respects, in relation to the financial statements as a whole.
s Pannell Kerr Forster of Texas, P.C.
We have served as the Plan’s auditor since 2019.
June 15, 2021