Pfizer 2009 Annual Report Download - page 44

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Management’s Report on Internal Control Over Financial Reporting
Management’s Report
We prepared and are responsible for the financial statements that appear in our 2009 Financial Report. These financial statements
are in conformity with accounting principles generally accepted in the United States of America and, therefore, include amounts
based on informed judgments and estimates. We also accept responsibility for the preparation of other financial information that is
included in this document.
Report on Internal Control Over Financial Reporting
The management of the Company 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 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 of
America. The Company’s internal control over financial reporting includes those policies and procedures that: (i) pertain to the
maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the
Company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial
statements in accordance with generally accepted accounting principles and that receipts and expenditures of the Company are
being made only in accordance with authorizations of management and directors of the Company; and (iii) provide reasonable
assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company’s assets that
could have a material effect on the financial statements.
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 the Company’s internal control over financial reporting as of December 31, 2009. In making this assessment,
management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission in Internal
Control—Integrated Framework. Based on our assessment and those criteria, management believes that the Company maintained
effective internal control over financial reporting as of December 31, 2009.
The scope of management’s assessment of the effectiveness of internal control over financial reporting includes all of the
Company’s consolidated operations except for the operations of Wyeth, which the Company acquired on October 15, 2009. Wyeth’s
operations represent 7% of the Company’s consolidated revenues for the year ended December 31, 2009, and assets associated
with Wyeth’s operations (including intangible assets and goodwill) represent 38% of the Company’s consolidated total assets, as of
December 31, 2009.
The Company’s independent auditors have issued their auditors’ report on the Company’s internal control over financial reporting.
That report appears in our 2009 Financial Report under the heading, Report of Independent Registered Public Accounting Firm on
Internal Control Over Financial Reporting.
Jeffrey B. Kindler
Chairman and Chief Executive Officer
Frank A. D’Amelio Loretta V. Cangialosi
Principal Financial Officer Principal Accounting Officer
February 26, 2010
42 2009 Financial Report