Nokia 2010 Annual Report Download - page 181

PART II
ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES
None.
ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS
None.
ITEM 15. CONTROLS AND PROCEDURES
(a)
Disclosure Controls and Procedures. Our President and Chief Executive Officer and our Executive
Vice President, Chief Financial Officer, after evaluating the effectiveness of our disclosure controls and
procedures (as defined in US Exchange Act Rule 13a15(e)) as of the end of the period covered by this
annual report, have concluded that, as of such date, our disclosure controls and procedures were
effective.
(b)
Management’s Annual Report on Internal Control Over Financial Reporting. Our management is
responsible for establishing and maintaining adequate internal control over financial reporting for the
company. Our internal control over financial reporting is designed to provide reasonable assurance to
our management and the Board of Directors regarding the reliability of financial reporting and the
preparation and fair presentation of published financial statements. Because of its inherent
limitations, internal control over financial reporting may not prevent or detect misstatements.
Therefore, even those systems determined to be effective can provide only reasonable assurances
with respect to financial statement preparation and presentation. 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 decline.
Management evaluated the effectiveness of our internal control over financial reporting based on the
Committee of Sponsoring Organizations of the Treadway Commission, or COSO, framework. Based on
this evaluation, management has assessed the effectiveness of Nokia’s internal control over financial
reporting, as at December 31, 2010, and concluded that such internal control over financial reporting
is effective.
PricewaterhouseCoopers Oy, which has audited our consolidated financial statements for the year
ended December 31, 2010, has issued an attestation report on the effectiveness of the company’s
internal control over financial reporting under Auditing Standard No. 5 of the Public Company
Accounting Oversight Board (United States of America).
(c)
Attestation Report of the Registered Public Accounting Firm. See the Auditors’ report on page F1.
(d)
Changes in Internal Control Over Financial Reporting. There were no changes in Nokia’s internal
control over financial reporting that occurred during the year ended December 31, 2010 that have
materially affected, or are reasonably likely to materially affect, the Group’s internal control over
financial reporting during 2010.
ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT
The Board of Directors has determined that all of the members of the Audit Committee, including its
Chairman, Risto Siilasmaa, are “audit committee financial experts” as defined in Item 16A of
Form 20F. Mr. Siilasmaa and each of the other members of the Audit Committee is an “independent
director” as defined in Section 303A.02 of the New York Stock Exchange’s Listed Company Manual.
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