Volvo 2013 Annual Report Download - page 110
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quality of the internal control over fi nancial
reporting on an annual basis. An annual evalua-
tion plan is established and presented to the
Audit Committee. This evaluation program com-
prises three main areas:
1. Group-wide controls: Self-assessment pro-
cedure carried out by management teams at
business area, Group Function and company
levels. The main areas evaluated are compli-
ant with the Group’s fi nancial directives and
policies found in FPP, The Volvo Way and the
Group’s Code of Conduct.
2. Process controls at transaction level: Pro-
cesses related to the fi nancial reporting are
evaluated by testing procedures/controls
based on a framework for internal control
over fi nancial reporting, Volvo Internal Control
Standards (VICS). The framework focuses on
the fi nancial reporting areas deemed to have
a relatively higher risk for potential errors due
to factors such as complex accounting princi-
ples, complex or changed business operations.
3. General IT controls: Processes for mainte-
nance, development and access manage-
ment of fi nancial applications are evaluated
by testing procedures and controls.
The results of the evaluation activities are
reported to Group management and the Audit
Committee.
Gothenburg, February 21, 2014
AB Volvo (publ)
The Board of Directors
To the annual meeting of the shareholders of
AB Volvo (publ), corporate identity number
556012-5790
It is the Board of Directors who is responsible
for the Corporate Governance Statement for
the year 2013 on pages 90–106 and that it has
been prepared in accordance with the Annual
Accounts Act.
We have read the Corporate Governance
Statement and based on that reading and our
knowledge of the company and the group we
believe that we have a suffi cient basis for our
opinions. This means that our statutory exami-
nation of the Corporate Governance Statement
is different and substantially less in scope than
an audit conducted in accordance with Interna-
tional Standards on Auditing and generally
accepted auditing standards in Sweden.
In our opinion, the Corporate Governance
Statement has been prepared and its statutory
content is consistent with the annual accounts
and the consolidated accounts.
Gothenburg, February 21, 2014
PricewaterhouseCoopers AB
Peter Clemedtson
Authorized Public
Accountant
Lead Partner
Johan Rippe
Authorized Public
Accountant
Partner
Auditor’s report on the Corporate
Governance Report
106
CORPORATE GOVERNANCE REPORT 2013 CORPORATE GOVERNANCE
106