The Financial Supervisory Authority of Norway has published a supervisory report finding that an accounting firm had designated an engagement-responsible accountant who no longer held approval as a state-authorized accountant. The authority said accounting firms must continuously verify that appointed engagement-responsible accountants remain approved, including through checks of its business register, and it has closed the case after the firm implemented corrective measures. The review, which focused on whether the company complied with qualification requirements for roles in the accounting firm, found the same individual listed as an engagement-responsible accountant on two submitted staff lists despite no longer having the required approval. The authority required the firm to remove that person from all engagement responsibility immediately, review its systems, routines and guidelines to identify why the issue had not been detected, and assess whether the breach could have affected work performed for clients. The firm said the individual had been removed from all engagement responsibility, the work carried out by that person would be checked, quality assurance had been strengthened through external consulting support, and procedures had been changed so that approval status will be checked against the authority's register four times a year.
Norwegian Finanstilsynet 2026-05-13
Financial Supervisory Authority of Norway closes supervisory case after accounting firm removed unapproved engagement-responsible accountant
The Financial Supervisory Authority of Norway published a report finding that an accounting firm had appointed an engagement-responsible accountant who no longer held approval as a state-authorized accountant. The authority required the firm to remove the individual from engagement responsibility, review its systems and assess client impact, and closed the case after the firm implemented corrective measures, including strengthened quality assurance and quarterly checks of approval status.