The Norwegian Finanstilsynet has published an inspection report on Haugen & Haugen AS following a referral from Regnskap Norge. The review found that the accounting firm had corrected several deficiencies identified in earlier industry checks, but material shortcomings remained in risk management and the execution of client accounting assignments. Finanstilsynet also found that the firm had failed to keep its own accounts up to date at the time of the inspection, in breach of the Bookkeeping Act and the Companies Act, although it later submitted documentation showing that this had been remedied. Across three client engagements, the authority identified breaches relating to outdated or missing engagement agreements, powers of attorney and data processing agreements, incomplete balance sheet reconciliations and weak filing of engagement documentation, failure to issue periodic reports as agreed, lack of written communication to clients on material issues, and insufficient documentation of clients' internal routines. It also concluded that the firm's risk assessments did not reflect its actual risk profile, including for mandate-dependent tasks, insurance, capacity, anti-money laundering controls and accounting execution. In addition, a preliminary 2025 annual account showed a significant loss and loss of equity, and Finanstilsynet requested the completed 2025 annual accounts immediately after finalisation, plus an interim balance sheet as of 30 June 2026 together with the auditor's statement.
Norwegian Finanstilsynet 2026-04-29
Norwegian Finanstilsynet finds ongoing risk management and client assignment deficiencies at Haugen & Haugen AS and requests 2025 accounts after capital loss
The Norwegian Finanstilsynet published an inspection report on Haugen & Haugen AS, finding that although some earlier deficiencies had been corrected, material shortcomings persisted in risk management, client accounting assignments and the firm’s own bookkeeping, breaching the Bookkeeping Act and Companies Act. Across three client engagements, the authority identified outdated or missing agreements and documentation, incomplete reconciliations, weak client reporting and communication, and risk assessments misaligned with the firm’s risk profile. A preliminary 2025 annual account showed a significant loss and loss of equity, prompting Finanstilsynet to request the final 2025 accounts and an interim balance sheet as of 30 June 2026 with the auditor’s statement.