Volvo 2015 Annual Report Download - page 192

Audit Report for AB Volvo (publ)
To the annual meeting of the shareholders of AB Volvo (publ), 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 (publ) for the year 2015. The annual accounts and consolidated
accounts of the company are included in the printed version of this docu-
ment on pages 76–167 and 189.
Responsibilities of the Board of Directors and the Managing Director for
the annual accounts and consolidated accounts
The Board of Directors and the Managing Director are responsible for the
preparation and fair presentation of these annual accounts in accordance
with the Annual Accounts Act and of the consolidated accounts in accord-
ance 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 Managing Director 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 consoli-
dated 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 procedures
that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the company’s internal con-
trol. 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 Managing Director, 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 opinions.
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 2015 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
present fairly, in all material respects, the financial position of the group as
of 31 December 2015 and of their financial performance and cash flows
for the year then ended in accordance with International Financial Report-
ing Standards, as adopted by the EU, and the Annual Accounts Act. Our
opinions do not cover the corporate governance statement on pages
168–187. 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 Managing
Director of AB Volvo (publ) for the year 2015.
Responsibilities of the Board of Directors and the Managing Director
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 Managing
Director 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 exam-
ined significant decisions, actions taken and circumstances of the com-
pany in order to determine whether any member of the Board of Directors
or Managing Director is liable to the company. We also examined whether
any member of the Board of Directors or Managing Director 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 administra-
tion report and that the members of the Board of Directors and the Man-
aging Directors be discharged from liability for the financial year.
Göteborg, 22 February 2016
PricewaterhouseCoopers AB
Peter Clemedtson
Authorized Public Accountant
Lead Partner
Johan Palmgren
Authorized Public Accountant
Partner
OTHER INFORMATION
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