Nokia 2005 Annual Report Download - page 139
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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors and Shareholders of NOKIA CORPORATION:
We have audited the accompanying consolidated balance sheets of Nokia Corporation and its
subsidiaries as of December 31, 2005 and 2004, and the related consolidated statements of profit
and loss, changes in shareholders’ equity and cash flows for each of the three years in the period
ended December 31, 2005. These financial statements are the responsibility of the Company’s
management. Our responsibility is to express an opinion on these 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 consolidated financial position of Nokia Corporation and its subsidiaries at
December 31, 2005 and 2004, and the consolidated results of their operations and their
consolidated cash flows for each of the three years in the period ended December 31, 2005 in
conformity with International Financial Reporting Standards.
As discussed in Notes 1 and 2 to the consolidated financial statements, the Group adopted various
accounting standards effective January 1, 2005 and, as required for certain of the accounting
changes, has revised prior periods for comparative purposes.
International Financial Reporting Standards vary in certain significant respects from accounting
principles generally accepted in the United States of America. Information relating to the nature
and effect of such differences is presented in Note 39 to the consolidated financial statements.
Espoo, Finland
March 2, 2006
PricewaterhouseCoopers Oy
Authorized Public Accountants
F-1