The Norwegian Financial Supervisory Authority (Finanstilsynet) published an inspection report on TP Accounting AS, identifying shortcomings in compliance with the regulation on risk management and internal control, anti-money laundering (AML) requirements and the performance and documentation of individual accounting engagements. While the preliminary report indicated a possible withdrawal of the firm’s approval as an accounting company, Finanstilsynet concluded that it will not proceed with a revocation and expects corrective actions. The inspection covered the firm’s organisation, routines and internal controls, and tested a selection of client engagements. Finanstilsynet found the firm’s enterprise-wide risk assessment was not sufficiently critical or complete, and that AML procedures lacked adequate written, engagement-level guidance on what must be done and how, constituting a breach of the AML Act’s requirements on written routines. Work testing across engagements for 2022 and 2023 identified weaknesses including incomplete year-end reconciliation documentation (with missing documentation affecting between 11% and 40% of balance-sheet accounts in the 2022 engagements reviewed) and multiple postings booked without proper supporting vouchers, often relying only on bank statements. The report also notes an absence of documented review of clients’ internal routines and a lack of documented annual overarching engagement-level internal control, which Finanstilsynet assessed as gross breaches, and it highlighted the need to resign from engagements where clients do not provide the documentation necessary to perform the work in line with legal requirements and good accounting practice. Finanstilsynet expects TP Accounting AS to remedy the issues identified and indicated it may conduct a follow-up inspection later, either on-site or by requesting documentation evidencing that the deficiencies have been corrected.
Norwegian Finanstilsynet 2025-02-19
Norwegian Financial Supervisory Authority finds risk management, AML and bookkeeping control deficiencies at TP Accounting AS but does not revoke its authorisation
The Norwegian Financial Supervisory Authority (Finanstilsynet) published an inspection report on TP Accounting AS, identifying significant compliance shortcomings in risk management, internal control, and anti-money laundering (AML) procedures. Despite considering revoking the firm's approval, Finanstilsynet expects corrective actions instead. The report highlights deficiencies in enterprise-wide risk assessment, AML guidance, and documentation of accounting engagements, with potential follow-up inspections anticipated.