Independent Auditor's Report zontinued
Contents
Overview
Report of the
Executive Board
Report of the
Supervisory Board
Financial
statements
Accounting for income tax positions
Income tax positions were significant to our audit because the assessment process is complex, imposes estimates and the amounts involved
are material. The Company's operations are subject to income taxes in various jurisdictions. We have tested the completeness and accuracy
of the amounts recognised as current and deferred tax, including the assessment of disputes with tax authorities and other uncertain tax
positions. Our audit procedures included an assessment of correspondence with the relevant tax authorities and we tested management's
assumptions to determine the probability that deferred tax assets will be recovered through taxable income in future years. We included in
our team local and international tax specialists to analyse and challenge the assumptions used to determine tax positions and we corroborated
the assumptions with supporting evidence. In addition we assessed the historical accuracy of management's assumptions. We also assessed
theadeguacy of the Company's disclosure notes 13 and 18 in the Financial statements in respect of tax and uncertain tax positions.
Responsibilities of the Executive Board and the Supervisory Board for the Financial statements
The Executive Board is responsible for the preparation and fair presentation of the Financial statements in accordance with EUTFRSand Part
9 of Book 2 of the Netherlands Civil Code and for the preparation of the Report of the Executive Board in accordance with Part 9 of Book 2
of the Netherlands Civil Code. Furthermore, the Executive Board is responsible for such internal control as the Executive Board determines
is necessary to enable the preparation of the Financial statements that are free from material misstatement, whether due to errors or fraud.
As part of the preparation of the Financial statements, the Executive Board is responsible for assessing the Company's ability to continue as
a going concern. Based on the financial reporting frameworks mentioned, the Executive Board should prepare the Financial statements using
the going concern basis of accounting unless the Executive Board either intends to liguidate the Company or to cease operations, or has no
realistic alternative but to do so. The Executive Board should disclose events and circumstances in the Financial statements that may cast
significant doubt on the Company's ability to continue as a going concern.
The Supervisory Board is responsible for overseeing the Company's financial reporting process.
Our responsibilities for the audit of the Financial statements
Our objective is to plan and perform the audit assignment in a manner that allows us to obtain sufficient and appropriate audit evidence for
our opinion.
Our audit has been performed with a high, but not absolute, level of assurance, which means we may not have detected all errors and fraud.
For more information about an audit of financial statements we refer to the NBA website: www.nba.nl/standardtexts-auditorsreport
Report on other legal and regulatory requirements
Report on the Report of the Executive Board and the other information
Pursuant to legal requirements of Part 9 of Book 2 of the Netherlands Civil Code (concerning our obligation to report about the Report of the
Executive Board and other information):
we have no deficiencies to report as a result of our examination whether the Report of the Executive Board, to the extent we can assess,
has been prepared in accordance with Part 9 of Book 2 of the Netherlands Civil Code, and whether the information as required by Part 9
of Book 2 of the Netherlands Civil Code has been annexed
we report that the Report of the Executive Board, to the extent we can assess, is consistent with the Financial statements
Engagement
Our first appointment as auditor of Fleineken N.V. was before 2008. We were most recently re-appointed by the Annual General Meeting on
19 April 2012.
Amsterdam, 10 February 2015
KPMG Accountants N.V.
E.J.L. van Leeuwen RA
142
Heineken N.V. Annual Report 2014