Amgen 2011 Annual Report Download - page 106

requiring transactions to be with institutions with investment grade credit ratings and requires placing exposure
limits on the amount with any individual counterparty. In addition, we have an investment policy that limits
investments to certain types of debt and money market instruments issued by institutions primarily with
investment grade credit ratings and places restriction on maturities and concentrations by asset class and issuer.
Item 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
The information required by this item is incorporated herein by reference to the financial statements and
schedule listed in Item 15(a)1 and (a)2 of Part IV and included in this Annual Report on Form 10-K.
Item 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURES
None.
Item 9A. CONTROLS AND PROCEDURES
We maintain “disclosure controls and procedures,” as such term is defined under Exchange Act Rule 13a-
15(e), that are designed to ensure that information required to be disclosed in Amgen’s Exchange Act reports is
recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms,
and that such information is accumulated and communicated to Amgen’s management, including its Chief
Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required
disclosures. In designing and evaluating the disclosure controls and procedures, Amgen’s management
recognized that any controls and procedures, no matter how well designed and operated, can provide only
reasonable assurance of achieving the desired control objectives and in reaching a reasonable level of assurance
Amgen’s management necessarily was required to apply its judgment in evaluating the cost-benefit relationship
of possible controls and procedures. We have carried out an evaluation under the supervision and with the
participation of our management, including Amgen’s Chief Executive Officer and Chief Financial Officer, of the
effectiveness of the design and operation of Amgen’s disclosure controls and procedures. Based upon their
evaluation and subject to the foregoing, the Chief Executive Officer and Chief Financial Officer concluded that
our disclosure controls and procedures were effective as of December 31, 2011.
Management determined that, as of December 31, 2011, there were no changes in our internal control over
financial reporting that occurred during the fiscal quarter then ended that have materially affected, or are
reasonably likely to materially affect, our internal control over financial reporting.
Management’s Report on Internal Control over Financial Reporting
Management of the Company is responsible for establishing and maintaining adequate internal control over
financial reporting, as such term is defined in Rule 13a-15(f) under the Securities Exchange Act of 1934. The
Company’s internal control over financial reporting is designed 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 in the United States. However, all internal control systems, no
matter how well designed, have inherent limitations. Therefore, even those systems determined to be effective
can provide only reasonable assurance with respect to financial statement preparation and reporting.
Management assessed the effectiveness of the Company’s internal control over financial reporting as of
December 31, 2011. In making this assessment, management used the criteria set forth by the Committee of
Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control-Integrated Framework.
Based on our assessment, management believes that the Company maintained effective internal control over
financial reporting as of December 31, 2011, based on the COSO criteria.
The effectiveness of the Company’s internal control over financial reporting has been audited by Ernst &
Young LLP, an independent registered public accounting firm, as stated in their attestation report appearing
below, which expresses an unqualified opinion on the effectiveness of the Company’s internal control over
financial reporting as of December 31, 2011.
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