Volvo 2005 Annual Report Download - page 149

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Volvo Group 2005 145
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 2005. The
annual accounts and the consolidated accounts of the Company is included on pages 44–71 and
80–144 of this document. The Board of Directors and the President are responsible for these
accounts and the administration of the Company as well as for the application of the Annual
Accounts Act when preparing the annual accounts and the application of international financial
reporting standards IFRSs as adopted by the EU and the Annual Accounts Act when preparing the
consolidated accounts. Our responsibility is to express an opinion on the annual accounts, the con-
solidated 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 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, and significant estimates made by the Board of Directors
and the President when preparing the annual accounts and consolidated accounts, as well as eval-
uating 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 give a true and fair view of the Company’s financial position and results of
operations in accordance with generally accepted accounting principles in Sweden. The consoli-
dated accounts have been prepared in accordance with international financial reporting standards
IFRSs as adopted by the EU and the Annual Accounts Act and give a true and fair view of the
Group’s financial position and results of operations. 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 2, 2006
PricewaterhouseCoopers AB
Olof Herolf Olov Karlsson
Authorized Public Accountant Authorized Public Accountant
Lead Partner Partner
Examination of the Corporate
Governance Report
As requested by the Board of Directors and as an extension of the scope of our audit assign-
ment, we have examined the Corporate Governance Report (pages72–79) for AB Volvo for
2005. Our examination has not included the Board of Directors’ reporting regarding the
design and operating effectiveness of internal control over financial reporting during the
most recent financial year. The Corporate Governance Report has been prepared in accord-
ance with the guidelines set out in the Swedish Code for Corporate Governance.
Göteborg, February 22, 2006
PricewaterhouseCoopers AB
Olof Herolf Olov Karlsson
Authorized Public Accountant Authorized Public Accountant
Lead Partner Partner