200
Independent Auditor’s Report
Introduction
This did not lead to indications for fraud potentially resulting in material misstatements.
We remained alert to indications of (suspected) non-compliance throughout the audit.
Finally, we obtained written representations that all known instances of (suspected) fraud or non-compliance
with laws and regulations have been disclosed to us.
We obtained sufficient appropriate audit evidence regarding provisions of those laws and regulations generally
recognized to have a direct effect on the financial statements.
Sustainability
Review
Other
Information
Financial
Statements
Report
of the
Supervisory
Board
Report
of the
Executive
Board
For significant transactions such as various business acquisitions or disposals during the year, we evaluated
whether the business rationale of the transactions suggest that they may have been entered into to engage
in fraudulent financial reporting or to conceal misappropriation of assets.
Audit approach compliance with laws and regulations
We assessed the laws and regulations relevant to the entity through discussion with, amongst others, the
Executive Board, Group Legal Counsel, and those charged with governance, reading minutes of board meetings
and reports in internal audit. We also involved our forensic specialists in this assessment.
As a result of our risk assessment procedures, and while realizing that the effects from non-compliance could
considerably vary, we considered the following laws and regulations: adherence to (corporate) tax laws and
financial reporting regulations, the requirements under the International Financial Reporting Standards as
adopted by the European Union (EU-IFRS) and Part 9 of Book 2 of the Dutch Civil Code with a direct effect on
the financial statements as an integrated part of our audit procedures, to the extent material for the related
financial statements.
Our procedures are limited to (i) inquiry of key management personnel, the Executive Board, the Supervisory
Board and others within Heineken N.V.’s as to whether Heineken N.V is in compliance with such laws and
regulations and (ii) inspecting correspondence, if any, with the relevant licensing or regulatory authorities to
help identify non-compliance with those laws and regulations that may have a material effect on the
financial statements.
Apart from these, Heineken N.V is subject to other laws and regulations where the consequences of non
compliance could have a material effect on amounts and/or disclosures in the financial statements, for instance,
through imposing fines or litigation.
Given the nature and complexity of Heineken N.V.’s business, we considered the risk of non-compliance in the
areas of competition, data protection, human rights, tax and other applicable laws and regulations. In addition,
we considered major laws and regulations applicable to listed companies.
Audit approach going concern
Our responsibilities, as well as the responsibilities of the Executive Board and the Supervisory Board, related to
going concern under the prevailing standards are outlined in the "Description of responsibilities regarding the
financial statements” section below. In fulfilling our responsibilities, we performed procedures including
evaluating management’s assessment of the Company’s ability to continue as a going concern and considering
the impact of financial, operational, and other conditions. Based on these procedures, we did not identify any
reportable findings related to the entity’s ability to continue as a going concern.
Our procedures are more limited with respect to laws and regulations that do not have a direct effect on the
determination of the amounts and disclosures in the financial statements. Compliance with these laws and
regulations may be fundamental to the operating aspects of the business, to Heineken N.V ’s ability to continue
its business, or to avoid material penalties (e.g., compliance with the terms of operating licenses and permits or
compliance with environmental regulations, anti-competition laws, sanctions and trade laws) and therefore non
compliance with such laws and regulations may have a material effect on the financial statements. Our
responsibility is limited to undertaking specified audit procedures to help identify non-compliance with those
laws and regulations that may have a material effect on the financial statements.
Heineken
N.V.
Annual
Report
2023
Additionally, we performed further procedures including, among others, the following:
- We incorporated elements of unpredictability in our audit. We also considered the outcome of our other
audit procedures and evaluated whether any findings were indicative of fraud or non-compliance.
- We considered available information and made enquiries of relevant key management personnel, the Executive
Board and the Supervisory Board.
- We tested the appropriateness of journal entries recorded in the general ledger and other adjustments made in
the preparation of the financial statements.
- We evaluated whether the selection and application of accounting policies by the group, particularly those
related to subjective measurements and complex transactions, may be indicative of fraudulent financial
reporting.
- We evaluated whether the judgments and decisions made by the Executive Board in making the accounting
estimates included in the financial statements indicate a possible bias that may represent a risk of material
misstatement due to fraud. The Executive Board's insights, estimates and assumptions that might have a
major impact on the financial statements are disclosed in Note 3 of the financial statements.
- We performed a retrospective review of management judgments and assumptions related to significant
accounting estimates reflected in prior year financial statements.
Certain management estimates and judgements are considered most significant to our audit. Reference is
made to the section 'Our key audit matters' for further details on those estimates and judgments.
