The Norwegian Financial Supervisory Authority (Finanstilsynet) has published an inspection report and decision withdrawing a supervised firm’s approval as an authorised accounting company, citing multiple serious breaches across statutory reporting, dealings with the supervisor, execution of accounting engagements and compliance with anti-money laundering (AML) obligations. The findings included repeated failures to comply with the Accounting Act’s requirements for timely approval and filing of the firm’s own annual accounts, late payment-related VAT shortcomings, and missing, late and incorrect information provided to Finanstilsynet, including delayed submission of a required self-assessment (KRT-1004) and failure to provide requested documentation despite repeated follow-ups. The inspection of five client engagements identified material deficiencies such as missing or unsigned engagement agreements, failure to deliver agreed periodic reporting, lack of assessment of clients’ internal routines, absence of required quality reviews, and widespread gaps in year-end balance account reconciliations. AML deficiencies were found in four of five engagements, including failures to risk-classify clients and to perform required customer due diligence steps such as identification of legal persons and beneficial owners and checks for politically exposed persons. The decision is based on the Accountants Act provision allowing withdrawal where breaches are gross or cumulatively gross and the firm is deemed unfit. It takes effect from 15 December 2025, after which the firm may no longer take on accounting assignments for other businesses or use the “authorised accounting company” designation; the decision can be appealed within three weeks of receipt.
Norwegian Finanstilsynet 2025-11-20
Norwegian Financial Supervisory Authority revokes an accounting firm's authorisation effective 15 December 2025 after serious AML and conduct breaches
The Norwegian Financial Supervisory Authority has withdrawn a firm's approval as an authorised accounting company due to serious breaches in statutory reporting, dealings with the supervisor, accounting engagements, and anti-money laundering obligations. The inspection revealed repeated failures in compliance with the Accounting Act, VAT shortcomings, and deficiencies in client engagements and AML procedures. The decision, effective 15 December 2025, is based on the Accountants Act and can be appealed within three weeks.