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Auditors

External auditor

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Nokia’s independent auditor is elected annually by our shareholders at the Annual General Meeting. 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. PricewaterhouseCoopers Oy was re-elected as Nokia’s independent auditor for the fiscal year 2011 at the Annual General Meeting on May 3, 2011.  PricewaterhouseCoopers Oy has also served as our independent auditor for each of the fiscal years in the three-year period ended December 31, 2010.

Auditor fees

The following table sets forth the aggregate fees for professional services and other services rendered by PricewaterhouseCoopers to Nokia in 2010 and 2009 in total with a separate presentation of those fees related to Nokia and Nokia Siemens Networks.

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Pre-approval policies and procedures for auditors’ fees

The Audit Committee of our Board of Directors is responsible, among other matters, for the oversight of the external auditor subject to the requirements of Finnish law. The Audit Committee has adopted a policy regarding pre-approval of audit and permissible non-audit services provided by our independent auditors (the “Policy”).

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Internal audit

Nokia has an internal audit function that acts as an independent appraisal function by examining and evaluating the adequacy and effectiveness of the company’s system of internal control. Internal audit resides administratively within the Chief Financial Officer’s organisation and reports to the Audit Committee of the Board of Directors. The head of internal audit function has at all times direct access to the Audit Committee, without involvement of the management.