I got the car used so I don't know what was done before. I haven't had the dealer check out the software version since I owned it. During the 45k service at the Volvo dealer, they didn't mention the software needed to be upgraded. I'll probably ask the them next time I take it to dealer service.
I guess you have a 2.4? I'm not sure we have the same transmission and/or program.
The following sites have lists 01 v70 service bulletins. Read the power train section of the service bulletins. It won't tell you about software updates. But you can be armed with more info if you decide to ask the dealer service about this. Good luck.
http://www.mycarstats.com/console.asp?tb=r&mmmakes=VOLVO&mmmodels=V70&year=2001#ReportConsole
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