Pfizer 2010 Annual Report Download - page 53

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Report of Independent Registered Public Accounting Firm on the Consolidated
Financial Statements
The Board of Directors and Shareholders of Pfizer Inc.:
We have audited the accompanying consolidated balance sheets of Pfizer Inc. and Subsidiary Companies as of December 31, 2010
and 2009, and the related consolidated statements of income, shareholders’ equity, and cash flows for each of the years in the
three-year period ended December 31, 2010. These consolidated financial statements are the responsibility of the Company’s
management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States).
Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of
Pfizer Inc. and Subsidiary Companies as of December 31, 2010 and 2009, and the results of their operations and their cash flows
for each of the years in the three-year period ended December 31, 2010, in conformity with U.S. generally accepted accounting
principles.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the
effectiveness of Pfizer Inc. and Subsidiary Companies’ internal control over financial reporting as of December 31, 2010, based on
criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the
Treadway Commission (COSO), and our report dated February 28, 2011 expressed an unqualified opinion on the effective operation
of the Company’s internal control over financial reporting.
As discussed in Note 1 to the consolidated financial statements, the Company changed its method of accounting for business
combinations in 2009 due to the adoption of Financial Accounting Standards Board Statement No. 141R, Business Combinations
(included in FASB ASC Topic 805, Business Combinations), as of January 1, 2009.
KPMG LLP
New York, New York
February 28, 2011
2010 Financial Report 51