Financial Supervisory Authority of Norway finds serious audit law breaches at Revisorene Helberg og Øverås AS but does not revoke state authorised auditor approval

The Financial Supervisory Authority of Norway has published a supervisory report on Revisorene Helberg og Øverås AS that identifies serious breaches of audit law in audits of the 2024 and 2025 annual accounts. The main findings relate to going concern, inventory, related-party transactions and the follow-up of fraud risk. After considering the full case, including an improvement in the quality of the 2025 audit work, it decided not to revoke the approval of one state authorised auditor at the firm. The inspection followed quality control reporting from DnR and covered selected areas in six audit engagements. It found that the firm had not remedied weaknesses identified after DnR's 2024 control until after a further control in 2025. In the individual files, the authority identified a gross breach in the audit of going concern, including a clean audit opinion without a documented assessment of management's assumptions or whether a material uncertainty existed. It also found insufficient and poorly documented audit evidence on the existence and valuation of inventory, inadequate follow-up of related-party transactions and arm's-length assessments, and generic fraud-risk procedures that were not tailored to the audited businesses. Additional deficiencies were identified in audit documentation and analytical procedures. The firm has informed the authority that it has engaged another audit firm to carry out a quality control review of audit engagements and will submit that report when available. The Financial Supervisory Authority of Norway said it will follow up the firm in later supervisory work.