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

Jaarverslagen en Personeelsbladen Heineken

Jaarverslagen | 2014 | | pagina 144