The position of auditor's report on 2020 annual accounts is on page 212 behind financial statements. Nokia's managers are downplaying the importance of auditor's report on corporate governance.I don't know why Nokia did so. Deloitte delivered an unmodified audit opinion on the financial statements prepared with International Financial Reporting Standards as adopted in EU. But the auditor mentioned two key audit matters that were most important in audit as follows: Fixed Networks goodwill valuation and revenue recognition. It set materiality at €170 million. Therefore, readers to its accounts must pay special attention to material misstatement risk of goodwill and revenue and related items such as contract asset, contract liability, deferred tax,etc. Profit before tax for year 2020 was € 743 million, but income tax was € 3.3 billion making profit after tax from continuing operations at loss of € 2.5 billion. While in 2019, profi...
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