The Financial Supervisory Authority of Norway has completed an ordinary supervisory review of KPMG AS and published a report and decision imposing an infringement penalty under the Auditor Act, citing serious deficiencies in the firm’s audit work. The inspection covered the audit firm’s governance, audit execution and compliance with anti-money laundering rules. Supervisors identified serious errors and shortcomings in audits of both a public interest entity and several smaller entities. KPMG has described measures it has implemented to prevent the issues highlighted by the authority from recurring.
Norwegian Finanstilsynet 2025-07-09
The Financial Supervisory Authority of Norway imposes infringement penalty on KPMG AS over serious audit execution deficiencies
The Financial Supervisory Authority of Norway completed a supervisory review of KPMG AS, resulting in an infringement penalty under the Auditor Act due to serious deficiencies in audit work. The review identified significant errors in governance, audit execution, and anti-money laundering compliance. KPMG has outlined measures to prevent recurrence of these issues.