Volvo 2010 Annual Report Download - page 132

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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 2010. The company’s
annual accounts and the consolidated accounts are included in the
printed version on pages 24–127. Board of Directors and the Presi-
dent 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 interna-
tional 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 material misstate-
ment. An audit includes examining, on a test basis, evidence support-
ing the amounts and disclosures in the accounts. An audit also
includes assessing the accounting principles used and their applica-
tion by the Board of Directors and the President and significant esti-
mates made by the Board of Directors and the President when pre-
paring the annual accounts and consolidated accounts as well as
evaluating the overall presentation of information in the annual
accounts and the 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 Com-
panies Act, the Annual Accounts Act or the Articles of Association.
We believe that our audit provides a reasonable basis for our opinion
set out below.
The annual 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 gener-
ally accepted accounting principles in Sweden. The consolidated
accounts have been prepared in accordance with international finan-
cial 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 con-
solidated accounts.
We recommend to the annual 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 24, 2011
PricewaterhouseCoopers AB
Göran Tidström
Authorized Public Accountant
Lead Partner
Johan Rippe
Authorized Public Accountant
Partner
FINANCIAL INFORMATION 2010
128