The Financial Supervisory Authority of Norway has published an inspection report on approved accounting firm Åkre Rekneskap AS, assessing compliance with the Accounting Services Act (regnskapsførerloven), including good accounting practice (GRFS), and other accounting and tax rules. The inspection found that the firm had implemented routines in key areas, but identified shortcomings, which the firm has stated in its response have now been remedied. Key findings included that the firm had not been aware of, and therefore had not carried out, required fit-and-proper assessments of relevant individuals under Circular 3/2023, but has since completed these assessments. In a file review of three accounting engagements, the authority also found insufficient year-end reconciliation and documentation for balance sheet accounts under the Bookkeeping Act and related regulations, with 22% (engagement A), 15% (engagement B) and 44% (engagement C) of balance accounts with year-end balances assessed as not adequately documented; the authority expects the firm to review its routines to ensure all year-end balance accounts are reconciled and documented.
Norwegian Finanstilsynet 2025-03-26
Financial Supervisory Authority of Norway finds year-end reconciliation documentation and fit-and-proper assessment gaps at Åkre Rekneskap AS
Norway's Financial Supervisory Authority released an inspection report on Åkre Rekneskap AS, highlighting compliance issues with the Accounting Services Act. The firm had not conducted required fit-and-proper assessments under Circular 3/2023 but has since addressed this. Additionally, the authority found inadequate year-end reconciliation and documentation for balance sheet accounts, urging the firm to improve its routines.