Mondelez 2013 Annual Report Download - page 120

Table of Contents
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
None.
Item 9A. Controls and Procedures.
Evaluation of Disclosure Controls and Procedures
We have established disclosure controls and procedures that are designed to ensure that information required to be disclosed in
our reports filed or submitted under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), is recorded,
processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange
Commission, and such information is accumulated and communicated to our management, including our Chief Executive Officer
(“CEO”) and Chief Financial Officer (“CFO”), as appropriate to allow timely decisions regarding required disclosure. Management,
together with our CEO and CFO, evaluated the effectiveness of the Company’
s disclosure controls and procedures as of December
31, 2013. Based on their evaluation, the CEO and CFO concluded that, due to a material weakness in our internal control over
financial reporting described below, our disclosure controls and procedures were not effective as of December 31, 2013. In light of
the weakness in internal control over financial reporting, prior to filing this Annual Report on Form 10-K, we completed substantive
procedures, including validating, and in certain cases correcting, the completeness and accuracy of the underlying data used for
accounting for income taxes.
These additional procedures have allowed us to conclude that, notwithstanding the material weakness in our internal controls over
financial reporting, the consolidated financial statements included in this report fairly present, in all material respects, our financial
position, results of operations and cash flows for the periods presented in conformity with GAAP.
Report of Management on Internal Control Over Financial Reporting
Management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in
Rules 13a-15(f) and 15d-15(f) under the Exchange Act. Our internal control over financial reporting is a process designed by, or
under the supervision of, our CEO and CFO, or persons performing similar functions, and effected by the Company’s Board of
Directors, management and other personnel to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles. Our internal
control over financial reporting includes those written policies and procedures that:
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also,
projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate
because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Management assessed the effectiveness of our internal control over financial reporting as of December 31, 2013. Management
based this assessment on criteria for effective internal control over financial reporting described in Internal Control—Integrated
Framework (1992) issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”).
A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a
reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected on
a timely basis.
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• pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and
dispositions of assets;
• provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements
in accordance with accounting principles generally accepted in the United States of America;
• provide reasonable assurance that receipts and expenditures are being made only in accordance with management and
director authorization; and
• provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of
assets that could have a material effect on the consolidated financial statements.