Abbott Laboratories 2014 Annual Report Download - page 59

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57
ABBOTT 2014 ANNUAL REPORT
MANAGEMENT REPORT ON INTERNAL CONTROL
OVER FINANCIAL REPORTING
The management of Abbott Laboratories is responsible for estab-
lishing and maintaining adequate internal control over financial
reporting. Abbott’s internal control system was designed to provide
reasonable assurance to the company’s management and board
of directors regarding the preparation and fair presentation of
published financial statements.
All internal control systems, no matter how well designed, have
inherent limitations. Therefore, even those systems determined
to be eective can provide only reasonable assurance with respect
to financial statement preparation and presentation.
Abbott’s management assessed the eectiveness of the company’s
internal control over financial reporting as of December31, 2014.
In making this assessment, it used the criteria set forth in Internal
Control—Integrated Framework (2013) issued by the Committee
of Sponsoring Organizations of the Treadway Commission. As
allowed by SEC guidance, management excluded from its assess-
ment the September 2014 acquisition of the controlling interest in
CFR Pharmaceuticals S.A. which accounted for approximately
10% of Abbott’s total assets and 1% of Abbott’s total net sales from
continuing operations as of and for the year ended December31,
2014. Based on our assessment, we believe that, as of December31,
2014, the company’s internal control over financial reporting was
eective based on those criteria.
Abbott’s independent registered public accounting firm has
issued an audit report on their assessment of the eectiveness of
the company’s internal control over financial reporting. This
report appears on page 58.
Miles D. White
Chairman of the Board and Chief Executive Ocer
Thomas C. Freyman
Executive Vice President, Finance and Chief Financial Ocer
Robert E. Funck
Vice President, Controller
February 27, 2015