Pfizer 2015 Annual Report Download - page 65

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Report of Independent Registered Public Accounting Firm on the
Consolidated Financial Statements
64 2015 Financial Report
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, 2015 and
2014, and the related consolidated statements of income, comprehensive income, equity, and cash flows for each of the years in the three-
year period ended December 31, 2015. 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, 2015 and 2014, and the results of their operations and their cash flows for each of the years in
the three-year period ended December 31, 2015, in conformity with U.S. generally accepted accounting principles.
As discussed in Note 1B to the consolidated financial statements, the Company has adopted on a retrospective basis FASB Accounting
Standards Update No. 2015-17, Balance Sheet Classification of Deferred Taxes classifying all deferred tax assets, liabilities and associated
valuation allowances as non-current.
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, 2015, based on criteria established in
Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO),
and our report dated February 29, 2016 expressed an unqualified opinion on the effective operation of the Company’s internal control over
financial reporting.
KPMG LLP
New York, New York
February 29, 2016