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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 Gov-
ernance Report for the year 2015 on pages 168–187 and that it has been
prepared in accordance with the Annual Accounts Act.
We have read the Corporate Governance Report and based on that
reading and our knowledge of the company and the group we believe that
we have a sufficient basis for our opinions. This means that our statutory
examination of the Corporate Governance Report is different and sub-
stantially less in scope than an audit conducted in accordance with Inter-
national Standards on Auditing and generally accepted auditing stand-
ards in Sweden.
In our opinion, the Corporate Governance Report has been prepared
and its statutory content is consistent with the annual accounts and the
consolidated accounts.
Göteborg, 22 February 2016
PricewaterhouseCoopers AB
Peter Clemedtson
Authorized Public Accountant
Lead Partner
Johan Palmgren
Authorized Public Accountant
Partner
Auditor’s report on the Corporate Governance Report
Follow-up
Ongoing responsibility for follow-up rests with the Group’s financial report-
ing function. In addition, the Corporate Audit and the Internal Control func-
tion conduct review and follow-up activities in accordance with what is
described in the introduction of this report. More specifically, the Internal
Control function runs and coordinates evaluation activities through the
“Volvo Group Internal Control Programme,” with the purpose of systemati-
cally evaluating the quality of the internal control over financial reporting on
an annual basis. An annual evaluation plan is established and presented to
the Audit Committee. This evaluation program comprises three main areas:
1. Group-wide controls: Self-assessment procedure carried out by man-
agement teams at business area, Group Function and company levels.
The main areas evaluated are compliance with the Group’s financial
directives and policies found in the Financial Policies and Procedures,
The Volvo Way and the Group’s Code of Conduct.
2. Process controls at transaction level: Processes related to the financial
reporting are evaluated by testing procedures/controls based on the
framework for internal control over financial reporting, Volvo Internal
Control Standards (VICS).
3. General IT controls: Processes for maintenance, development and
access management of financial applications are evaluated by testing
procedures and controls.
The results of the evaluation activities are reported to Group management
and the Audit Committee. During 2015, the Internal Control function
reported three times to the Audit Committee regarding the annual evalu-
ation plan, status on outstanding issues and final assessment of the
control environment.
Göteborg, February 22, 2016
AB Volvo (publ)
The Board of Directors
187
CORPORATE GOVERNANCE CORPORATE GOVERNANCE REPORT 2015