Volvo 2012 Annual Report Download - page 178

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 2012. The annual accounts and consolidated accounts
of the company are included in the printed version of this document on
pages 56-73 and 89-173.
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 IFRS, 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 reasonable
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 mak-
ing 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 procedures that are appropri-
ate 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 reason-
ableness 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 2012 and of
its financial performance and its cash flows for the year then ended in
accordance with the Annual Accounts Act. The consolidated accounts
have been prepared in accordance with the Annual Accounts Act and pre-
sent fairly, in all material respects, the financial position of the group as of
31 December 2012 and of their financial performance and cash flows for
the year then ended in accordance with IFRS, as adopted by the EU, and
the Annual Accounts Act. The statutory administration 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 also audited 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 2012.
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 appropria-
tions of the company’s profit or loss, we examined the Board of Directors’
reasoned statement and a selection of supporting evidence in order to be
able to assess whether the proposal is in accordance with the Companies 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 is liable to the company. We also examined whether any member
of the Board of Directors or the President has, 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 opinions.
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 21, 2013
PricewaterhouseCoopers AB
Peter Clemedtson
Authorized Public Accountant
Lead Partner
Johan Rippe
Authorized Public Accountant
Partner
FINANCIAL INFORMATION 2012
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