The Financial Supervisory Authority of Norway has published a supervisory report on Isha Consulting AS after inspecting whether its accounting business complied with applicable rules, following a report from Regnskap Norge. It found that, although the firm had corrected several issues previously identified, it still had deficiencies in anti-money laundering compliance and in the execution of accounting engagements. The authority took note that the firm has since confirmed and documented corrective measures. At firm level, the anti-money laundering risk assessment and procedures were incomplete and not sufficiently tailored to the business. In three reviewed engagements, customer due diligence was not adequately documented, including verification of beneficial owners, politically exposed person checks, understanding of ownership and control structures, source of funds, and enhanced measures for clients the firm had classified as high risk. The review also found engagement letters that did not match services actually provided, missing or inadequate year-end balance sheet reconciliation documentation for 33%, 52% and 41% of reviewed balance sheet accounts at the time of inspection, periodic reports not issued as agreed in one engagement, material client communications not documented in writing, and documented quality control carried out only after the 2024 annual accounts had been filed.
Norwegian Finanstilsynet2026-05-22
Financial Supervisory Authority of Norway finds anti-money laundering and accounting practice deficiencies at Isha Consulting AS and notes corrective action
The Financial Supervisory Authority of Norway published a supervisory report on Isha Consulting AS, identifying ongoing deficiencies in anti-money laundering compliance and accounting engagements despite earlier corrections. It found incomplete firm-level anti-money laundering risk assessments and procedures, inadequate customer due diligence documentation in three engagements, and weaknesses in engagement letters, balance sheet reconciliations, reporting, documentation of client communications, and timing of quality control. The firm has since confirmed and documented corrective measures.