Volvo 1998 Annual Report Download - page 95

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93
We have audited the Annual Report, the consoli-
dated financial statements, the accounts on pages
6–92 and the administration of the Board of
Directors and the President of AB Volvo for
1998. These accounts and the administration of
the Company are the responsibility of the Board
of Directors and the President. Our responsibili-
ty is to express an opinion on the Annual
Report, the consolidated financial statements
and the administration based on our audit.
We conducted our audit in accordance with
Generally Accepted Auditing Standards in Swe-
den. Those Standards require that we plan and
perform the audit to obtain reasonable assurance
that the Annual Report and the consolidated
financial statements are free of material
misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and
disclosures in the financial statements.
An audit also includes assessing the accounting
principles used and their application by the
Board of Directors and the President, as well as
evaluating the overall presentation of information
in the Annual Report and the consolidated finan-
cial statements. We examined significant decisions,
actions taken and circumstances of the Company
in order to be able to determine the possible lia-
bility, if any, to the Company of any member of
the Board of Directors or the President or whether
they have in any way acted in contravention of
the Companies Act, the Annual Accounts Act or
the Articles of Association. We believe that our
audit provides a reasonable basis for our opinion
set out below.
In our opinion, the Annual Report and the
consolidated financial statements have been pre-
pared in accordance with the Annual Accounts
Act, and, consequently we recommend
that the income statements and the balance
sheets of the Parent Company and the Group
should be adopted, and
that the unappropriated earnings of the Parent
Company be dealt with in accordance with the
proposal in the Board of Directors’ Report.
In our opinion, the members of the Board of
Directors and the President have not committed
any act or been guilty of any omission, which
could give rise to any liability to the Company.
We therefore recommend
that the members of the Board of Directors and
the President be discharged from liability for the
financial year.
Göteborg, February 16, 1999
Olof Herolf
Authorized Public Accountant
PricewaterhouseCoopers
Olov Karlsson
Authorized Public Accountant
PricewaterhouseCoopers
AUDITORS’ REPORT FOR AB VOLVO