Norwegian Financial Supervisory Authority finds NOR Forvaltning Regnskap has largely remediated deficiencies and updated key agreements and documentation routines

The Norwegian Financial Supervisory Authority (Finanstilsynet) published a supervisory report on NOR Forvaltning Regnskap AS, initiated after a notification from Regnskap Norge following a quality review in autumn 2024. Finanstilsynet found that the firm had in all material respects corrected previously identified shortcomings and has confirmed remediation of the remaining issues identified during the inspection. The inspection included a review of four accounting engagements, largely based on 2024 engagement documentation, and identified weaknesses against requirements in the Accounting Services Act, good accounting practice for accountants (GRFS) and related bookkeeping rules. Findings included an intra-group agreement that did not clearly identify the correct legal counterparties, engagement letters that did not reflect the services actually provided and created inconsistencies with related bank mandates, incomplete reconciliation and documentation for final 2024 accounts (with missing or insufficient documentation for 13%, 21% and 25% of balance-sheet accounts in three engagements), and insufficient written documentation of communications to clients where breaches were identified. NOR Forvaltning Regnskap AS has confirmed it updated the parent-company agreement, revised all engagement agreements to clarify responsibilities, and changed internal routines so reconciliations and client communications are archived in its quality management system.