Volvo 2006 Annual Report Download - page 157

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Financial information 2006 153
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 2006. The
annual accounts and the consolidated accounts of the Company is
included on pages 46–47 and 86–152 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 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 mater-
ial misstatement. An audit includes examining, on a test basis,
evi d ence 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 evaluating the overall presentation of informa-
tion in the annual accounts and consolidated accounts. As a basis
Göteborg, February 21, 2007
PricewaterhouseCoopers AB
Göran Tidström Olov Karlsson
Authorized Public Accountant Authorized Public Accountant
Lead Partner Partner
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 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 pre-
pared 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 prin-
ciples in Sweden. The consolidated 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.