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Audit Committee Report
2015 Financial Report 63
The Audit Committee reviews Pfizer’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.
The Committee met and held discussions with management and the independent registered public accounting firm regarding the fair and
complete presentation of Pfizer’s results and the assessment of Pfizer’s internal control over financial reporting. We discussed significant
accounting policies applied in Pfizer’s financial statements, as well as, when applicable, alternative accounting treatments. Management
represented to the Committee that the consolidated financial statements were prepared in accordance with accounting principles generally
accepted in the United States of America, and the Committee reviewed and discussed the consolidated financial statements with management
and the independent registered public accounting firm. The Committee discussed with the independent registered public accounting firm
matters required to be discussed under applicable Public Company Accounting Oversight Board (PCAOB) standards.
In addition, the Committee reviewed and discussed with the independent registered public accounting firm the auditor’s independence from
Pfizer and its management. As part of that review, we received the written disclosures and the letter required by applicable requirements of the
PCAOB regarding the independent accountant’s communications with the Audit Committee concerning independence, and the Committee
discussed the independent registered public accounting firm’s independence from Pfizer.
We also considered whether the independent registered public accounting firm’s provision of non-audit services to Pfizer is compatible with the
auditor’s independence. The Committee concluded that the independent registered public accounting firm is independent from Pfizer and its
management.
As part of our responsibilities for oversight of Pfizer’s Enterprise Risk Management process, we 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 discussed with Pfizer’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 and Risk 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 Pfizer’s internal controls, and the overall quality of Pfizer’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 Pfizer’s Annual Report on Form 10-K for the year ended December 31, 2015, for
filing with the U.S. Securities and Exchange Commission. The Committee has selected, and the Board of Directors has ratified, the selection
of Pfizer’s independent registered public accounting firm for 2016.
W. Don Cornwell Suzanne Nora Johnson
Chair, Audit Committee February 29, 2016
February 29, 2016
Shantanu Narayen Stephen W. Sanger
February 29, 2016 February 29, 2016
Joseph J. Echevarria
February 29, 2016
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.