Volvo 1999 Annual Report Download - page 99

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97
We have audited the annual accounts and the consolidated accounts on pages
18-96 and the accounting records and the administration of the Board of Directors
and the President of AB Volvo for the year 1999. These accounts and the admin-
istration of the Company are the responsibility of the Board of Directors and the
President. Our responsibility is to express an opinion on the annual accounts, the
consolidated accounts and the administration based on our audit.
We conducted our audit in accordance with generally accepted auditing stand-
ards in Sweden. Those standards require that we plan and perform the audit to
obtain reasonable assurance that the annual accounts and the consolidated
accounts are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the accounts. 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 accounts and consolidated accounts. As a basis for our
opinion concerning discharge from liability, we examined significant decisions,
actions taken and circumstances of the Company in order to determine the liabil-
ity, if any, to the Company of any Board member, or the President. We also exam-
ined whether any Board member or the President has, in any other way, acted in
contravention of the Companies Act, the Annual Accounts Act, or the Company’s
Articles of Association. We believe that our audit provides a reasonable basis for
our opinion set out below.
The annual accounts and consolidated accounts have been prepared in accord-
ance with the Annual Accounts Act and, thereby, give a true and fair view of the
Company’s and the Group’s financial position and results of operations in accord-
ance with generally accepted accounting principles in Sweden.
We recommend to the general meeting of shareholders that the income state-
ments and balance sheets of the Parent Company and the Group be adopted, that
the profit of the Parent Company be dealt with in accordance with the proposal in
the Board of Directors’ Report, and that the members of the Board of Directors
and the President be discharged from liability for the financial year.
Göteborg, February 14, 2000
Olof Herolf
Authorized Public Accountant
PricewaterhouseCoopers
Olov Karlsson
Authorized Public Accountant
PricewaterhouseCoopers
Auditors’ report for AB Volvo