External Auditing

Volvo's auditors are elected by the Annual General Meeting, for a period of four years. The current auditor is the registered accounting firm PricewaterhouseCoopers AB ("PwC"), which was re-elected at the Annual General Meeting 2010 for a period of four years. Two PwC partners, authorized public accountants Peter Clemedtson and Johan Rippe, are responsible for the audit of Volvo. Peter Clemedtson is the auditor-in-charge.

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. The auditors report their findings as regards the annual report to the shareholders

through the audit report, which they present to the Annual General Meeting of the shareholders. 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.

For more detailed information concerning auditors' fees see Note 28 of the notes to the consolidated financial statements.