The Financial Supervisory Authority of Norway has imposed an infringement fee of NOK 50,000 on I Revisjon og Regnskap AS after finding serious breaches of the Auditor Act. The inspection concluded that the audit firm repeatedly accepted audit engagements without a sufficient and documented basis, despite clear warning signs at the clients, and that in one reviewed engagement it did not obtain sufficient appropriate audit evidence for several material items in the 2024 annual accounts or for the going concern assumption. The firm, which was approved in May 2025 and had taken on 21 audit engagements, was reviewed across six assignments. Across those cases, the authority found that the auditor did not independently assess whether issues raised by predecessor auditors had been adequately remedied, relied in several instances on oral feedback from accountants, failed to ensure accounting records were up to date or that necessary financial information was available before acceptance, and did not document key assessments including independence, opening balances and follow-up of numbered letters from the previous auditor. In engagement F, the authority found missing audit evidence for the valuation of investments in subsidiaries and an associated company, receivables of NOK 8.3 million, work in progress of NOK 16 million, other long-term debt of about NOK 13.4 million, and the basis for going concern. The authority also identified separate deficiencies in customer risk classification under anti-money laundering rules, although those were not the basis for the fee. The firm can appeal the decision within three weeks of receiving it. The authority has also asked it to explain the causes of the breaches and the remedial measures taken or planned by Aug. 30, 2026.
Norwegian Finanstilsynet2026-07-01
Financial Supervisory Authority of Norway fines I Revisjon og Regnskap AS NOK 50000 for improperly accepting audit engagements and weak audit evidence
The Financial Supervisory Authority of Norway fined I Revisjon og Regnskap AS NOK 50,000 for serious breaches of audit rules. It found the firm accepted several audit engagements without an adequate documented basis and, in one engagement, lacked sufficient audit evidence for material 2024 accounts items and going concern. The firm must report back on causes and remediation by Aug. 30, 2026.