Nokia 2007 Annual Report Download - page 136

(d) below. Siemens’ carrierrelated operations are a component of the Nokia Siemens Networks
reporting segment. The total assets and total net sales of the nonintegrated Siemens’ carrierrelated
operations represent approximately 18% and 12%, respectively, of our related consolidated financial
statement amounts as at and for the year ended December 31, 2007. Based on this evaluation,
management has assessed the effectiveness of Nokia’s internal control over financial reporting, as at
December 31, 2007, 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, 2007, 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, other than as noted below, that occurred during the year ended
December 31, 2007 that have materially affected, or are reasonably likely to materially affect, the Group’s
internal control over financial reporting during 2007. During the year ended December 31, 2007, Nokia
Siemens Networks was formed, resulting in our acquisition of Siemens’ carrierrelated operations. The
former Siemens’ carrierrelated operations are subject to various ongoing criminal and other
governmental investigations for the period preceding the acquisition. Since starting its operations, Nokia
Siemens Networks has been implementing a comprehensive compliance program as part of its control
environment. The integration of the former Siemens’ carrierrelated operations into Nokia Siemens
Networks is ongoing and will be substantially completed in 2008. As a result of these ongoing integration
efforts, new policies, controls and procedures are being implemented at the former Siemens’ carrier
related operations. Due to these changes and the status of this integration, management has excluded
the nonintegrated Siemens’ carrierrelated operations from management’s assessment of internal control
over financial reporting at December 31, 2007 as discussed above in Item 15(b).
ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT
The Board of Directors has determined that Georg Ehrnrooth is an “audit committee financial expert”
as defined in Item 16A of Form 20F. Mr. Ehrnrooth 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 posted on our website,
www.nokia.com/board ,
under the heading “Company codes—Code of Ethics.”
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, 2007. 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.
The following table sets forth the aggregate fees for professional services and other services rendered
by PricewaterhouseCoopers to Nokia in 2007 and 2006. The aggregate fees for 2007 are set forth in
total with a separate presentation of those fees related to Nokia and Nokia Siemens Networks.
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