Volvo 2004 Annual Report Download - page 109

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Auditors’ report 107
Audit 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 2004.
These accounts and the administration of the Company and the application of the Annual
Accounts Act when preparing the annual accounts and the consolidated accounts 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 mis-
statement. 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, and significant estimates
made by the Board of Directors and the President when preparing the annual accounts and
consolidated accounts, 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 be able 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. The Board of Directors’ Report is consistent with the other
parts of the annual accounts and the consolidated accounts.
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, February 9, 2005
PricewaterhouseCoopers AB
Olof Herolf Olov Karlsson
Authorized Public Accountant Authorized Public Accountant
Lead Partner Partner