Nokia 2004 Annual Report Download - page 120
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delegate either type of pre-approval authority to one or more of its members. The appendices to
the Policy set out the audit, audit-related, tax and other services that have received the general
pre-approval of the Audit Committee, which services are subject to annual review by the Audit
Committee. All other audit, audit-related, tax and other services, including all internal control
related services, must receive a specific pre-approval from the Audit Committee.
The Audit Committee establishes budgeted fee levels annually for each of the four categories of
audit and non-audit services that are pre-approved under the Policy, namely, audit, audit-related,
tax and other services. Requests or applications to provide services that require specific approval
by the Audit Committee are submitted to the Audit Committee by both the external auditor and
the Chief Financial Officer. At each regular meeting of the Audit Committee, the external auditor
provides a report in order for the Audit Committee to review the services that the external auditor
is providing, as well as the status and cost of those services.
During 2003, services provided to Nokia by PricewaterhouseCoopers representing less than 2% of
audit-related fees (equivalent to less than 0.5% of the total fees) were approved by the Audit
Committee pursuant to the de minimis exception to the pre-approval requirement provided by
paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. During 2004, no services were provided to
Nokia by PricewaterhouseCoopers that were approved pursuant to the de minimis exception.
ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES
Not applicable.
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