Mondelez 2014 Annual Report Download - page 112

Table of Contents
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, 2014. Management
based this assessment on criteria for effective internal control over financial reporting described in Internal Control—Integrated
Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”).
Management reviewed the results of its assessment with the Audit Committee of our Board of Directors. Based on this assessment,
management determined that, as of December 31, 2014, a material weakness in our internal control over accounting for income
taxes continued to exist. Because of this material weakness, management concluded that we did not maintain effective internal
control over financial reporting as of December 31, 2014, based on the COSO criteria. For information on the progress of the
remediation of the material weakness, see Status of Remediation above.
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.
The errors arising from the underlying deficiencies were not material to the financial results reported in any interim or annual period.
For details of the current year adjustments, refer to Note 18, Income Taxes .
The control deficiencies in the aggregate could result in misstatements of the income tax accounts and disclosures that would result
in a material misstatement to the annual or interim consolidated financial statements that would not be prevented or detected.
Accordingly, we have determined that the ineffective monitoring and oversight of controls over income tax accounting constituted a
material weakness.
PricewaterhouseCoopers LLP, an independent registered public accounting firm, has audited the effectiveness of our internal
control over financial reporting as of December 31, 2014, as stated in their report that appears herein.
February 20, 2015
Changes in Internal Control Over Financial Reporting
Management, together with our CEO and CFO, evaluated the changes in our internal control over financial reporting during the
quarter ended December 31, 2014. As outlined above, we added controls to remediate the material weakness related to our
accounting for income taxes. There were no other changes in our internal control over financial reporting during the quarter ended
December 31, 2014, that have materially affected, or are reasonably likely to materially affect, our internal control over financial
reporting.
Item 9B. Other Information.
None.
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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 generally accepted accounting principles;
• 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.