Pfizer 2009 Annual Report Download - page 45

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Audit Committee’s Report
The Audit Committee reviews the Company’s financial reporting process on behalf of the Board of Directors. Management has the
primary responsibility for the financial statements and the reporting process, including the system of internal controls.
In this context, the Committee has met and held discussions with management and the independent registered public accounting
firm regarding the fair and complete presentation of the Company’s results and the assessment of the Company’s internal control
over financial reporting. The Committee has discussed significant accounting policies applied by the Company in its financial
statements, as well as alternative treatments. Management has represented to the Committee that the Company’s consolidated
financial statements were prepared in accordance with accounting principles generally accepted in the United States of America,
and the Committee has reviewed and discussed the consolidated financial statements with management and the independent
registered public accounting firm. The Committee has discussed with the independent registered public accounting firm matters
required to be discussed by Statement on Auditing Standards No. 61, as amended (AICPA, Professional Standards, Vol. 1, AU
section 380), as adopted by the Public Company Accounting Oversight Board in Rule 3200T.
In addition, the Committee has reviewed and discussed with the independent registered public accounting firm the auditor’s
independence from the Company and its management. As part of that review, the Committee has received the written disclosures
and the letter required by applicable requirements of the Public Company Accounting Oversight Board regarding the independent
accountant’s communications with the Audit Committee concerning independence, and the Committee has discussed the
independent registered public accounting firm’s independence from the Company.
The Committee also has considered whether the independent registered public accounting firm’s provision of non-audit services to
the Company is compatible with the auditor’s independence. The Committee has concluded that the independent registered public
accounting firm is independent from the Company and its management.
As part of its responsibilities for oversight of the Company’s Enterprise Risk Management process, the Committee has reviewed and
discussed Company policies with respect to risk assessment and risk management, including discussions of individual risk areas as
well as an annual summary of the overall process.
The Committee has discussed with the Company’s internal audit department and independent registered public accounting firm the
overall scope of and plans for their respective audits. The Committee meets with the Chief Internal Auditor, Chief Compliance Officer
and representatives of the independent registered public accounting firm, in regular and executive sessions, to discuss the results of
their examinations, the evaluations of the Company’s internal controls, and the overall quality of the Company’s financial reporting
and compliance programs.
In reliance on the reviews and discussions referred to above, the Committee has recommended to the Board of Directors, and the
Board has approved, that the audited financial statements be included in the Company’s Annual Report on Form 10-K for the year
ended December 31, 2009, for filing with the SEC. The Committee has selected, and the Board of Directors has ratified, subject to
shareholder ratification, the selection of the Company’s independent registered public accounting firm.
W. Don Cornwell
Chair, Audit Committee
February 26, 2010
The Audit Committee Report does not constitute soliciting material, and shall not be deemed to be filed or incorporated by reference
into any Company filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except
to the extent that the Company specifically incorporates the Audit Committee Report by reference therein.
2009 Financial Report 43