Home Finanstilsynet's registry Register for third country auditors and audit entities

Register for third country auditors and audit entities

In accordance with  the Statutory Audit Directive, Finanstilsynet has established a separate register of auditors and audit entities that audit companies incorporated outside the EEA whose transferable securities are admitted to trading on a regulated market in Norway (third country auditor/audit entity).

Registration of third-country auditors and audit entities in the Norwegian register of Auditors

Third-country auditors and audit entities who carry out audits of the annual or consolidated financial statements of a company incorporated in a third-country company shall be registered with the Financial Supervisory Authority of Norway (Finanstilsynet) and subject to Finanstilsynet's oversight, in accordance with the Statutory Audit Directive (Directive 2006/43/EC) Article 45.

1. Background

The Directive has been adopted as part of Norwegian legislation, see Regulations on registration and oversight of third-country auditors. The Statutory Audit Directive has been amended by Directive 2014/56/EU, but the amendments are awaiting to be adopted as part of Norwegian legislation.

2. Scope of registration

The duty to register within the Norwegian third-country auditor register applies to statutory audit entities or auditors registered in any state other than the states of the European Economic Area (EEA);

  1. who carry out audits of the annual or consolidated financial statements of a company incorporated in a country other than the states of the EEA, and
  2. whose transferable securities are admitted to trading on a regulated market in Norway.

3. Requirements for registration

Application for registration in the Norwegian third-country auditor register shall be made in the standard form A or B depending on the status of the third-country where the auditor/audit entity is registered.

A third-country audit entity may only be registered by Finanstilsynet if the following requirements are fulfilled:

  1. The majority of board of directors members meet requirements equivalent to those laid down in the amended Statutory Audit Directive Article 4 to 10 regarding approval as statutory auditor including good repute, educational qualifications, examination of professional competence, theoretical knowledge and practice. If the third-country audit entity does not have a board of directors, the above mentioned requirements apply to the closest corresponding company body.
  2. The third-country auditor carrying out the audit on behalf of the third-country audit entity meets requirements equivalent to those laid down in paragraph 1 above.
  3. The audits of the annual or consolidated financial statements are carried out in accordance with international auditing standards (International Standards on Auditing (ISAs), International Standard on Quality Control (ISQC 1) and other related standards issued by the International Federation of Accountants (IFAC) through the International Auditing and Assurance Standards Board (IAASB)).
  4. The third-country audit entity publishes on its website an annual transparency report which at least the following:
    1. description of the legal structure and ownership;
    2. where the audit firm belongs to a network, a description of the network and the legal and structural arrangements in the network;
    3. a description of the governance structure of the audit firm;
    4. a description of the internal quality control system of the audit firm and independence guidelines, together with a statement by the administrative or management body on how the quality control system has worked and compliance with the guidelines;
    5. an indication of when the last quality assurance review took place;
    6. a list of public-interest entities for which the audit firm has carried out statutory audits during the preceding financial year;
    7. a statement on the policy followed by the audit firm concerning the continuing education of statutory auditors;
    8. financial information showing the importance of the audit firm, such as the total turnover divided into fees from the statutory audit of annual and consolidated accounts, and fees charged for other assurance services, tax advisory services and other non-audit services;
    9. information concerning the basis for the partners' remuneration.

The annual transparency report shall be signed and made available on the website within three months of the preceding financial year.

Registration may not take place before the transparency report of the preceding financial year has been published on the webpage of the third-country audit entity.

4. Application form


4.1 Equivalent third-countries – Form A
The European Commission may recognize the systems of public oversight, quality assurance and investigations and penalties in the third-country to meet the equivalent requirements as for similar systems in the member states of the EEA.

The following countries have been recognised as equivalent third-countries:

  • Abu Dhabi
  • Australia
  • Brazil
  • Canada
  • China
  • Dubai International Financial Center
  • Guernsey
  • Indonesia
  • Isle og Man
  • Japan
  • Jersey
  • Malaysia 
  • Mauritius
  • New Zealand
  • Singapore
  • South Africa
  • South Korea
  • Switzerland
  • Taiwan
  • Thailand
  • Turkey
  • USA

Equivalent third-countries should send Form A to Finanstilsynet. For any questions, see FAQ – Form A.

4.2 Transitional third-countries – Form A
Some third-countries have public oversight, quality assurance and investigations and penalties that according to the European Commission do not meet the equivalent requirements as for similar systems in the member states of the EEA.

The Commission has taken a decision providing for a transitional period in respect of auditors and audit entities from some third-countries in order to take a final equivalence decision.

The following countries have been recognised as transitional third-countries:

  • Bermuda
  • Cayman Islands
  • Egypt
  • Russia

Equivalent third-countries should send Form A to Finanstilsynet. For any questions, see FAQ – Form A.

4.3. Other third-countries – Form B
Third-country auditors from other countries than listed above must apply for full registration by Finanstilsynet, and will as a main rule be subject to oversight in Norway in accordance with the provisions of the Norwegian Auditing and Auditors Act.

Other third-countries should send Form B to Finanstilsynet. For any questions, see FAQ – Form B.

The completed registration form should be sent by e-mail or mail to:

5. Fees

Third-country auditors do not need to pay a fee upon registration or an annual fee to Finanstilsynet.

5. Consequences

Audit reports issued by third-country auditors or audit entities not registered in the Member State shall have no legal effect in that Member State.

Registration in the Norwegian third-country auditor register is not an authorisation as statutory auditor or audit entity in Norway.