Supervision of auditing

Finanstilsynet’s tasks in relation to auditors comprise approval of individuals and firms in accordance with the legal requirements applying to profession as well as registration and supervision. Supervision encompasses entities listed in the register of auditors, and includes checking that their activities comply with laws and regulations and is conducted in an appropriate and satisfactory manner.

Authorisation of individuals and firms

Authorisation as an auditor requires approved theoretical training and three years of varied experience. In addition candidates must, after completing theoretical and practical training, take a practical examination to document their fitness to take on audit assignments. Finanstilsynet laid down regulations regarding the practical examination on 24 April 2001. The first such examination is expected to be arranged in 2005, since the Act’s transitional provisions state that students admitted to the auditor study programme before the new Auditors Act went into force on 1 August 1999, can still receive authorisation without taking the practical examination provided that they satisfy the experience requirements under the previous act. Other requirements are continuing professional education (CPE), a permanent office location in Norway, residency in an EEA state and provision of the necessary security for any liability in damages. The security guarantee must be at least NOK 5 million. Moreover, 105 hours of CPE must be undertaken in key areas for auditors within the space of three years. Finanstilsynet approves course and other relevant activities in this respect.

To achieve authorisation, auditing firms need to be more than 50 per cent owned by state authorised auditors, and the majority of board of directors must be state authorised auditors. Requirements laid down in articles of association and requirements as to financial probity also apply.

Supervision in 2008 included:
5,777 auditors
825 auditing firms