The Financial Supervisory Authority of Norway has published a supervisory report and decision withdrawing Reliance Consulting AS’s approval as an accounting company after identifying material and serious failures to comply with core legal requirements covering both firm governance and the delivery of accounting engagements. The authority has decided to postpone the revocation’s entry into force until 30 June 2026 to safeguard the firm’s clients. The report cites broad-based shortcomings, including the absence of adequate quality management, insufficient capacity and competence arrangements, and deficient risk management and internal control. It also highlights failures in the firm’s own compliance, including late approval of its 2023 annual accounts (approved 20 September 2024) and late filing of its 2023 tax return, as well as deficiencies around statutory corporate governance and time recording. In testing three client engagements, the authority found no evidence of engagement-level quality assurance, extensive missing reconciliations (with 100%, 90% and 45% of balance sheet accounts not reconciled across the engagements reviewed), incomplete engagement agreements and weak documentation of periodic reporting. Multiple anti-money laundering breaches were also identified, including an incomplete business-wide risk assessment (including no assessment of terrorist financing risk), no documented training for non-authorised staff, and shortcomings in customer risk classification and customer due diligence, including beneficial owner and politically exposed person checks. The withdrawal means Reliance Consulting AS can no longer take on bookkeeping assignments for other businesses or use the designation "approved accounting company" and may be appealed within three weeks of receipt. The decision letter indicates the withdrawal applies from 8 April 2026, while the authority has also decided to defer entry into force until 30 June 2026.
Norwegian Finanstilsynet 2026-02-24
Financial Supervisory Authority of Norway revokes Reliance Consulting AS approval as an accounting company and defers the effect to 30 June 2026
The Financial Supervisory Authority of Norway has withdrawn Reliance Consulting AS’s approval as an accounting company after finding serious breaches of legal requirements in governance, quality management, risk management, internal control and accounting engagements. It also identified multiple anti-money laundering violations, including an incomplete business-wide risk assessment, inadequate staff training and deficient customer due diligence, and has deferred the withdrawal’s entry into force to 30 June 2026 to safeguard clients.