Volvo 2011 Annual Report Download - page 144

AUDIT REPORT FOR AB VOLVO
To the annual meeting of the shareholders of AB Volvo, corporate identity
number 556012-5790
Report on the annual accounts and consolidated accounts
We have audited the annual accounts and consolidated accounts of AB
Volvo for the year 2011. The annual accounts and consolidated accounts
of the company are included in the printed version of this document on
pages 46–139.
Responsibilities of the Board of Directors and the President for the annual
accounts and consolidated accounts
The Board of Directors and the President are responsible for the preparation
and fair presentation of these annual accounts and consolidated accounts
in accordance with International Financial Reporting Standards, as
adopted by the EU, and the Annual Accounts Act, and for such internal
control as the Board of Directors and the President determine is necessary
to enable the preparation of annual accounts and consolidated accounts
that are free from material misstatement, whether due to fraud or error.
Auditor’s responsibility
Our responsibility is to express an opinion on these annual accounts and
consolidated accounts based on our audit. We conducted our audit in
accordance with International Standards on Auditing and generally accepted
auditing standards in Sweden. Those standards require that we comply
with ethical requirements and plan and perform the audit to obtain reaso-
nable assurance about whether the annual accounts and consolidated
accounts are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the annual accounts and consolidated
accounts. The procedures selected depend on the auditor’s judgement,
including the assessment of the risks of material misstatement of the
annual accounts and consolidated accounts, whether due to fraud or
error. In making those risk assessments, the auditor considers internal
control relevant to the company’s preparation and fair presentation of the
annual accounts and consolidated accounts in order to design audit pro-
cedures that are appropriate in the circumstances, but not for the purpose
of expressing an opinion on the effectiveness of the company’s internal
control. An audit also includes evaluating the appropriateness of accounting
policies used and the reasonableness of accounting estimates made by
the Board of Directors and the President, as well as evaluating the overall
presentation of the annual accounts and consolidated accounts.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinions
In our opinion, the annual accounts have been prepared in accordance
with the Annual Accounts Act and present fairly, in all material respects,
the financial position of the parent company as of 31 December 2011 and
of its financial performance and its cash flows for the year then ended in
accordance with the Annual Accounts Act, and the consolidated accounts
have been prepared in accordance with the Annual Accounts Act and
present fairly, in all material respects, the financial position of the Group
as of 31 December 2011 and of their financial performance and cash
flows in accordance with International Financial Reporting Standards, as
adopted by the EU, and the Annual Accounts Act. The statutory adminis-
tration report is consistent with the other parts of the annual accounts
and consolidated accounts.
We therefore recommend that the annual meeting of shareholders
adopt the income statement and balance sheet for the Parent Company
and the Group.
Report on other legal and regulatory requirements
In addition to our audit of the annual accounts and consolidated accounts,
we have examined the proposed appropriations of the company’s profit or
loss and the administration of the Board of Directors and the President of
AB Volvo for the year 2011.
Responsibilities of the Board of Directors and the President
The Board of Directors is responsible for the proposal for appropriations
of the company’s profit or loss, and the Board of Directors and the President
are responsible for administration under the Companies Act.
Auditor’s responsibility
Our responsibility is to express an opinion with reasonable assurance on
the proposed appropriations of the company’s profit or loss and on the
administration based on our audit. We conducted the audit in accordance
with generally accepted auditing standards in Sweden.
As a basis for our opinion on the Board of Directors’ proposed appro-
priations of the company’s profit or loss, we examined the Board of Direc-
tors’ reasoned statement and a selection of supporting evidence in order
to be able to assess whether the proposal is in accordance with the Com-
panies Act.
As a basis for our opinion concerning discharge from liability, in addition
to our audit of the annual accounts and consolidated accounts, we examined
significant decisions, actions taken and circumstances of the company in
order to determine whether any member of the Board of Directors or the
President are liable to the company. We also examined whether any member
of the Board of Directors or the President have, in any other way, acted in
contravention of the Companies Act, the Annual Accounts Act or the
Articles of Association.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
Opinions
We recommend to the annual meeting of shareholders that the profit be
appropriated in accordance with the proposal in the statutory administration
report and that the members of the Board of Directors and the President
be discharged from liability for the financial year.
Göteborg February 23, 2012
PricewaterhouseCoopers AB
Göran Tidström
Authorized Public Accountant
Lead Auditor
Johan Rippe
Authorized Public Accountant
FINANCIAL INFORMATION 2011
140