Volvo’s auditors are elected by the Annual General Meeting. The current auditor is PricewaterhouseCoopers AB (PwC), which was elected at the 2010 Annual General Meeting for a period of four years. Göran Tidström and Johan Rippe from PwC, are responsible for the audit of Volvo. Göran Tidström is the Auditor in Charge. Göran Tidström has announced that he will resign as Auditor in Charge at the Annual General Meeting 2012. He will be replaced by Peter Clemedtson, partner of PwC.

The external auditors discuss the external audit plan and risk management with the Audit Committee. The auditors review the interim report for the period January 1 to June 30 and the Annual Report and the consolidated accounting. The auditors also express an opinion whether this Corporate Governance Report was prepared or not and in such respect whether certain information therein coincides with the Annual Report and consolidated accounting. The auditors’ report their findings with regard to the annual report, consolidated accounting and the Corporate Governance Report through the audit reports and a separate opinion regarding the Corporate Governance Report, which they present to the Annual General Meeting. In addition, the auditors’ report detailed findings from their reviews to the Audit Committee twice a year and once a year to the full Board of Directors.

When PwC is retained to provide services other than the audit, it is done in accordance with rules decided by the Audit Committee pertaining to pre-approval of the nature of the services and the fees.