The Financial Supervisory Authority of Norway has published an inspection report identifying serious and systemic failings in Vold Regnskap’s accounting engagements, governance and controls. Despite the severity of the breaches, the authority decided that revoking the firm’s approval would not be proportionate or necessary, partly because most of the gravest violations related to one engagement and work performed by the firm’s chair and owner. For the Otica AS engagement, the firm failed over several years to investigate or adequately document extensive and unusual transactions, including about NOK 64 million received from a law firm between 2014 and 2022. It also lacked sufficient understanding of the client’s business, improperly recorded undocumented or private transactions, failed to investigate transactions under anti-money laundering requirements and, for part of the period, had no designated responsible accountant. Reviews of seven other engagements found recurring deficiencies in internal-routine assessments, mandatory reconciliations, deferred tax asset accounting and quality controls. Vold Regnskap must identify and document the causes of the breaches and implement concrete changes to its procedures, controls and management oversight. The authority will monitor remediation and may reconsider the firm’s approval if it cannot demonstrate effective measures, while the roles of the chair and owner will be assessed separately.
Norwegian Finanstilsynet2026-08-05
Financial Supervisory Authority of Norway identifies serious systemic failings at Vold Regnskap but declines to revoke approval
The Financial Supervisory Authority of Norway found serious and systemic accounting, control and anti-money laundering failings at Vold Regnskap but declined to revoke its approval on proportionality grounds. The firm must implement and document effective remediation, while the authority will separately assess the roles of its chair and owner.