Norwegian Finanstilsynet has published an inspection report and decision imposing an administrative penalty of NOK 600,000 on audit firm Revisorkonsult AS for breaches of the Auditor Act, citing shortcomings in the firm’s quality management and in its audit work on a bank’s expected credit losses on loans. The review covered parts of the audit of 2024 financial statements for a public interest entity and selected smaller engagements, as well as the firm’s internal quality management system. Finanstilsynet found that deficiencies identified through the firm’s own cyclical inspections were not remedied, and that audit work on expected credit losses lacked sufficient and appropriate audit evidence and documentation, including weaknesses in control testing and follow-up on individual exposures. The penalty was reduced from NOK 750,000 proposed in the earlier notice after the firm’s response and additional information; Revisorkonsult AS also described measures implemented to prevent recurrence. Revisorkonsult AS can appeal within three weeks of receiving the decision, with the Norwegian Finanstilsynet Appeals Board as the appeals body, and the penalty will be collected by the Norwegian Tax Administration via the State Collection Agency after the appeal deadline or once any appeal is decided.
Norwegian Finanstilsynet 2026-02-13
Norwegian Finanstilsynet fines Revisorkonsult AS NOK 600,000 for serious audit quality and quality-management failures
Norwegian Finanstilsynet imposed a NOK 600,000 penalty on Revisorkonsult AS for breaches of the Auditor Act, citing deficiencies in quality management and audit work on expected credit losses. The penalty, reduced from NOK 750,000 after the firm's response, follows findings of inadequate audit evidence and documentation. Revisorkonsult AS can appeal the decision, with the penalty to be collected by the Norwegian Tax Administration.