The Financial Supervisory Authority of Norway has published a supervisory report and decision imposing an administrative fine of NOK 80,000 on Global Lineup AS after identifying extensive breaches of the Auditor Act related to the acceptance of audit engagements. The authority found that, in several engagements, the auditor neither carried out necessary procedures nor exercised sufficient professional scepticism, leaving the audit firm with an inadequate basis for accepting the audits.
Norwegian Finanstilsynet 2026-03-18
Financial Supervisory Authority of Norway fines Global Lineup AS NOK 80,000 for breaches of the Auditor Act in audit engagement acceptance
The Financial Supervisory Authority of Norway imposed an administrative fine of NOK 80,000 on Global Lineup AS for extensive breaches of the Auditor Act. The firm failed to perform necessary procedures and exercise professional scepticism in audit engagements, resulting in an inadequate basis for accepting audits.