Nokia 2006 Annual Report Download - page 136

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors and Shareholders of NOKIA CORPORATION:
We have completed an integrated audit of Nokia Corporation’s 2006 consolidated financial
statements and of its internal control over financial reporting as of December 31, 2006 and audits of
its 2005 and 2004 consolidated financial statements in accordance with the standards of the Public
Company Accounting Oversight Board (United States of America). Our opinions based on our audits,
are presented below.
Consolidated financial statements
In our opinion, the accompanying consolidated balance sheets and the related consolidated profit
and loss accounts, statements of changes in shareholders’ equity and cash flow statements present
fairly, in all material respects, the financial position of Nokia Corporation and its subsidiaries at
December 31, 2006 and 2005, and the results of their operations and their cash flows for each of the
three years in the period ended December 31, 2006 in conformity with International Financial
Reporting Standards (IFRS). These consolidated financial statements are the responsibility of Nokia’s
management. Our responsibility is to express an opinion on these consolidated financial statements
based on our audits. We conducted our audits of these statements in accordance with International
Standards on Auditing and the standards of the Public Company Accounting Oversight Board (United
States of America). Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the consolidated financial statements are free of material misstatement. An
audit of consolidated financial statements includes examining, on a test basis, evidence supporting
the amounts and disclosures in the consolidated financial statements, assessing the accounting
principles used and significant estimates made by management, and evaluating the overall
consolidated financial statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
IFRS vary in certain 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 38 to
the consolidated financial statements.
Internal control over financial reporting
Also, in our opinion, management’s assessment, included in the accompanying ‘‘Management’s
Annual Report on Internal Control Over Financial Reporting’’ appearing under Item 15(b), that the
Company maintained effective internal control over financial reporting as of December 31, 2006, is
fairly stated, in all material respects, based on criteria established in Internal Control—Integrated
Framework
issued by the Committee of Sponsoring Organizations of the Treadway Commission
(COSO). Also, in our opinion, Nokia maintained, in all material respects, effective internal control over
financial reporting as of December 31, 2006, based on criteria established in Internal Control—
Integrated Framework
issued by the COSO. Nokia’s management is responsible for maintaining
effective internal control over financial reporting and for its assessment of the effectiveness of
internal control over financial reporting. Our responsibility is to express opinions on management’s
assessment and on the effectiveness of Nokia’s internal control over financial reporting based on our
audit. We conducted our audit of internal control over financial reporting in accordance with the
standards of the Public Company Accounting Oversight Board (United States of America). Those
standards require that we plan and perform the audit to obtain reasonable assurance about whether
effective internal control over financial reporting was maintained in all material respects. An audit of
internal control over financial reporting includes obtaining an understanding of internal control over
financial reporting, evaluating management’s assessment, testing and evaluating the design and
operating effectiveness of internal control, and performing such other procedures as we consider
necessary in the circumstances. We believe that our audit provides a reasonable basis for our
opinions.
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