Volvo 2003 Annual Report Download - page 87

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85
Auditors’ report for AB Volvo
We have audited the annual accounts, the consolidated accounts, the accounting records
and the administration of the Board of Directors and the President of AB Volvo for the year
2003. These accounts and the administration 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 standards 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 miss-
tatement. An audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the accounts. An audit also includes evaluating 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 liability, if any, to
the Company of any Board member, or the President. We also examined 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 accordance 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 accordance with generally accepted
accounting principles in Sweden.
We recommend to the general meeting of shareholders that the income statements 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, March 14, 2004
PricewaterhouseCoopers AB
Olof Herolf Olov Karlsson
Authorized Public Accountant Authorized Public Accountant
Lead Partner Partner