Pfizer 2012 Annual Report Download - page 51

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Audit Committee Report
50
2012 Financial 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 has 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 has discussed
with the independent registered public accounting firm matters required to be discussed under applicable Public Company Accounting
Oversight Board standards.
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 has 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.
As part of its responsibilities for oversight of the Company’s Enterprise Risk Management process, the Committee has 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 has discussed with the Company’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 the Company’s internal controls, and the overall quality of the Company’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 the Company’s Annual Report on Form 10-K for the year ended December 31,
2012, for filing with the SEC. The Committee has selected, and the Board of Directors has ratified, the selection of the Company’s independent
registered public accounting firm for 2013.
W. Don Cornwell
Chair, Audit Committee
February 28, 2013
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.