Nokia 2011 Annual Report Download - page 203

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, 2011, 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, 2011, 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, 2011 that have
materially affected, or are reasonably likely to materially affect, the Group’s internal control over
financial reporting during 2011.
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.
ITEM 16B. CODE OF ETHICS
We have adopted a code of ethics that applies to our Chief Executive Officer, President, Chief
Financial Officer and Corporate Controller. This code of ethics is available on our website,
www.nokia.com at the corporate governance section under “Our company”.
ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES
Auditor Fees and Services
PricewaterhouseCoopers Oy has served as our independent auditor for each of the fiscal years in the
three-year period ended December 31, 2011. The independent auditor is elected annually by our
shareholders at the Annual General Meeting for the fiscal year in question. The Audit Committee of the
Board of Directors makes a proposal to the shareholders in respect of the appointment of the auditor
based upon its evaluation of the qualifications and independence of the auditor to be proposed for
election or re-election on an annual basis.
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