Nokia 2009 Annual Report Download - page 175

Report of Independent Registered Public Accounting Firm
To the Board of Directors and Shareholders of Nokia Corporation
In our opinion, the accompanying consolidated statements of financial position and the related
consolidated income statements, consolidated statements of comprehensive income, consolidated
statements of changes in shareholders’ equity and consolidated statements of cash flows present fairly, in
all material respects, the financial position of Nokia Corporation and its subsidiaries at December 31, 2009
and 2008, and the results of their operations and their cash flows for each of the three years in the
period ended December 31, 2009 in conformity with International Financial Reporting Standards (IFRS) as
issued by the International Accounting Standards Board (IASB) and in conformity with IFRS as adopted by
the European Union. Also in our opinion, the Company maintained, in all material respects, effective
internal control over financial reporting as of December 31, 2009, based on criteria established in
Internal
Control
— Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway
Commission (COSO). The Company’s management is responsible for these financial statements, for
maintaining effective internal control over financial reporting and for its assessment of the effectiveness
of internal control over financial reporting, included in the accompanying “Management’s Annual Report
on Internal Control Over Financial Reporting” appearing under Item 15(b). Our responsibility is to express
opinions on these financial statements and on the Company’s internal control over financial reporting
based on our integrated 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 audits to obtain reasonable assurance about whether the financial statements are free of material
misstatement and whether effective internal control over financial reporting was maintained in all
material respects. Our audits of the financial statements included examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, and evaluating the overall financial statement
presentation. Our audit of internal control over financial reporting included obtaining an understanding of
internal control over financial reporting, assessing the risk that a material weakness exists, and testing
and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our
audits also included performing such other proceduresasweconsiderednecessaryinthecircumstances.
We believe that our audits provide a reasonable basis for our opinions.
A company’s internal control over financial reporting is a process designed to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles. A company’s
internal control over financial reporting includes those policies and procedures that (i) pertain to the
maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and
dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are
recorded as necessary to permit preparation of financial statements in accordance with generally
accepted accounting principles, and that receipts and expenditures of the company are being made
only in accordance with authorizations of management and directors of the company; and
(iii) provide reasonable assurance regarding prevention or timely detection of unauthorized
acquisition, use, or disposition of the company’s assets that could have a material effect on the
financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect
misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the
risk that controls may become inadequate because of changes in conditions, or that the degree of
compliance with the policies or procedures may deteriorate.
/s/ PricewaterhouseCoopers Oy
PricewaterhouseCoopers Oy
Helsinki, Finland
March 11, 2010
F1