Pfizer 2008 Annual Report Download - page 46

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 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 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 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.
The Committee reviewed and discussed Company policies with respect to risk assessment and risk management.
The Committee discussed with the Company’s internal auditors and the independent registered public accounting firm the overall
scope and plans for their respective audits. The Committee met with the internal auditors and the independent registered public
accounting firm, with and without management present, 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.
In reliance on the reviews and discussions referred to above, the Committee 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, 2008, for filing with the Securities and Exchange Commission. 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 27, 2009
The Audit Committee’s Report 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’s Report by reference therein.
44 2008 Financial Report