The Norwegian Financial Supervisory Authority published a supervisory report on Valid Regnskap AS, finding that the firm has put in place policies and procedures across many key areas and has corrected errors and deficiencies previously identified through Regnskap Norge’s quality controls, but that a review of six accounting engagements still revealed shortcomings for the 2024 financial year. The inspection found that, for parts of 2024, the firm had not performed the required control of work carried out by employees who are not state-authorised accountants, which Finanstilsynet treated as a breach of the Accounting Services Act (Regnskapsførerloven) section 5-4 and the GRFS requirements. It also identified missing or inadequate reconciliation documentation for balance-sheet accounts as of 31 December 2024 across all six engagements, with deficiencies affecting 26% of checked balance-sheet accounts in engagement A, 35% in B, 50% in C, and 5% in each of D, E and F. Finanstilsynet asked the firm to send a copy of the letter to its auditor.
Norwegian Finanstilsynet 2025-12-10
Norwegian Financial Supervisory Authority identifies staff-work review gaps and 2024 balance-account reconciliation deficiencies at Valid Regnskap AS
The Norwegian Financial Supervisory Authority released a report on Valid Regnskap AS, highlighting shortcomings in six 2024 accounting engagements. The firm failed to perform required controls on non-state-authorised accountants' work, breaching the Accounting Services Act and GRFS requirements. Additionally, reconciliation documentation was missing or inadequate for balance-sheet accounts, affecting up to 50% of accounts in some engagements.