Compliance Responses and Action Plans

  • Compliance Responses and Action Plans

    IFAC members and associates have provided self-assessment information about the regulatory and standard-setting framework in their countries (Part 1) and their organizations' activities in addressing IFAC's membership requirements (Part 2) as described in the Statements of Membership Obligations. Based on an analysis of this information, they are developing SMO Action Plans for continuous development and improvement.

    Some organizations have qualified to submit SMO Action Plans on a biennial basis by meeting eligibility criteria. These organizations are indicated with an asterisk (*).

    In the interest of transparency and providing information to the profession, regulators, and other stakeholders, all responses and SMO Action Plans are accessible below.

    Den Norske Revisorforening (DnR)

     

    Introduction

    The information below has been submitted as part of the IFAC Member Body Compliance program. The Program has two components:

    Part 1: Assessment of the Regulatory and Standard-Setting Framework (provides information about regulatory requirements and standard-setting processes in member body countries); and
    Part 2: Assessment of Compliance (provides information on compliance by member bodies with the Statements of Membership Obligations). Part 2 of the Compliance Program will begin later this year, and the results will also be posted to the website.

    The responses to Part 1 are provided below. IFAC staff has reviewed the responses and, where necessary, validated them with external knowledgeable parties. A list of key terms is available to assist readers in understanding the responses.

    The purpose of this Part 1 Assessment is to collect information on the roles of IFAC member bodies and other organizations (including government, regulatory or other appointed authorities) with respect to:

    1. Setting auditing, accounting, ethics, public sector and education standards; and
    2. Regulating the accountancy profession.

    Sections 1 and 2 of Part 1 contain an introduction and instructions for member body respondents. For this reason, they are not included here, and the responses begin with Section 3.

    Questions or comments may be sent to complianceassessment@ifac.org.


    Section 3 -- Member Body General Information

    1. Country:

      Norway


    2. Name of member body:
      Den Norske Revisorforening (DnR)

      Or please specify name:



    3. Individual responsible for preparation:
      Mr Nils Farstad


    4. Date member body became a member of IFAC:
      Note: Please enter a numeric date (e.g., 12/2001, Month/Year)

      10 / 1977



    Questions 5 - 22 are for internal use only


    Section 3G -- Affiliations


    23. Please list those regional organizations to which your organization belongs (e.g., FEE, CAPA, ECSAFA, IAA, etc.):
      FEE, Nordic Federation of Accountants, Nordic Federation of Registered Accountants



    Section 4 -- Statutory Framework


    Responses to this section will provide a description of the legal framework governing the commercial aspects of auditing and financial reporting in your country.

    Section 4A -- The Companies Act or Commercial Code


    The following questions concern the Companies Act (the Act) or Commercial Code (the Code) or similar Legal authority in your country. If no Legal authority exists, or the Legal authority does not address particular questions, please indicate "N/A" for Not Applicable.

    24. What is the full name of:
      a). the Act or the Code: The following 5 acts will apply: Lov om revisjon og revisorer (auditing and auditors act), lov om årsregnskap m.v. (accounting act), aksjeloven (private companies act), allmennaksjeloven (public companies act), selskapsloven (partnerships and limited liability partnerships act)
      b). the Enacting body: Parliament
      c). date the Act or Code came into force: /


    25. How can IFAC obtain a copy of the Act or Code?
      All acts are available in Norwegian at the website http://www.lovdata.no Some of the acts have been translated to English and are available upon request to our institute.


    26. Is the Act or Code available in English?
      Yes   No


    27. What are the types of entities covered by the Act or the Code?
      Please check all that apply.
      Listed entities   Other (please specify): Partnerships and limited liability partnerships
      Private companies   Other (please specify):
      Governmental   Other (please specify):
      Not-for-profit   Other (please specify):


    28. Is there a requirement for the following entities to prepare annual statutory financial statements? If YES, please describe the financial reporting requirements including the accounting standards to be followed.
      Please check all that apply.
        No Yes (If YES, please describe)
      Listed entities The Accounting Act, i.e. lov om årsregnskap m.v. (regnskapsloven) 17.07.1998 nr. 56, Norwegian Accounting Standards and pronouncements from the Oslo Stock Exchange
      Private companies The Accounting Act, i.e. lov om årsregnskap m.v. (regnskapsloven) 17.07.1998 nr. 56 and Norwegian Accounting Standards
      Governmental Royal decree 12 December 2003 on Fiscal Accounts and Budget
      Not-for-profit Over certain size criteria - The Accounting Act, i.e. lov om årsregnskap m.v. (regnskapsloven) 17.07.1998 nr. 56 and Norwegian Accounting Standards
      Other (please describe) Partnerships and Limited Liability Partnerships The Accounting Act, i.e. lov om årsregnskap m.v. (regnskapsloven) 17.07.1998 nr. 56 and Norwegian Accounting Standards
      Other (please describe)


    29. Is there a statutory requirement for the following entities to be audited? If YES, describe the requirement including the auditing standards to be followed:
      Please check all that apply.
        No Yes (If YES, please describe)
      Listed entities Required by the audit and auditors act. Norwegian Auditing Standards based on ISAs.
      Private companies as above
      Governmental By National Audit Office
      Not-for-profit over certain size criteria - Norwegian Auditing Standards
      Other (please describe) Partnerships and Limited Liability Partnerships over certain size criteria - Norwegian Auditing Standards
      Other (please describe)


    30. Are the auditors ("statutory auditors") that are appointed for audits required by the Act or Code ("statutory audits") appointed for a specific period?
      Yes   No
      If YES, please indicate the term of appointment: Year(s)


    31. Who appoints the statutory auditors?
      Please check all that apply.
      Shareholders   Management
      Board of directors   Other (please specify):
      Audit committee   Other (please specify):
      Government agency   Other (please specify):


    32. Does the Act or Code require joint auditors for the statutory audit?
      Yes   No
      If yes, please describe the requirement:


    33. Does the Act or Code require the rotation of the auditors or audit firms performing statutory audits?
      Yes   No
      If yes, please describe the requirement:



    Section 4B -- Securities Market Regulations


    Responses to this section will provide a description of the financial reporting and auditing requirements for listed entities in your country.

    34. What are (a) the major items of Legal authority for such requirements, (b) the Enacting body(ies) and (c) the latest amendment date? Please identify the specific articles or sections that pertain to auditing and financial reporting:
    1. the major items of Legal authority for such requirements

    2. the Enacting body(ies)

      Ministry of Finance

    3. the latest amendment date?

      (1) LOV-2002-07-05-64 from 2003-01-01

      (2) FOR-2001-11-27-1313 from 2002-01-01


    35. How can IFAC obtain a copy of the Legal authority?
      Act and regulation are available in Norwegian at the website http://www.lovdata.no or in English at www.oslobors.no


    36. Is the Legal authority available in English?
      Yes   No


    37. Are there any additional or alternative financial statement reporting requirements for listed entities that are not described in your answer to Question 28?
      Yes   No
      If YES, please describe the requirement:


    38. Are there any additional auditing requirements that apply to listed entities other than those described in your answer to Question 29 (e.g., additional GAAS requirements, additional independence requirements, requirements to report to those charged with governance, etc.)?
      Yes   No
      If YES, please describe the requirement:
      Requirement to engage a "statsautorisert revisor" and not possible to engage a "registrert revisor"


    39. Who appoints the statutory auditors of listed entities?
      Please check all that apply.
      Shareholders   Management
      Board of directors   Other (please specify):
      Audit committee   Other (please specify):
      Government agency   Other (please specify):


    40. Are auditors who perform audits of listed entities appointed for a specified period?
      Yes   No
      If YES, please indicate the term of appointment: Year(s)


    41. Are joint auditors required for audits of listed entities?
      Yes   No
      If YES, please describe the requirement:


    42. Is rotation of the auditor or audit firm for audits of listed entities required?
      Yes   No
      If YES, please describe the requirement:



    Section 5 -- Auditing Standards


    Responses to this section will provide a description of the legal and professional framework governing audit and other assurance standards in your country. The section focuses on the establishment of such standards. Please indicate the role your organization plays within this framework.

    Section 5A -- Statutory Framework


    43. Please provide the name of the Legal authority and/or self-regulatory rules that establish audit and other assurance standards in your country, the date of the last amendment of such authority or rules and the name of body responsible for setting audit and other assurance standards. If the standards are different for different entities (e.g., listed entities, private companies, governmental bodies, not-for-profit organizations, etc.), please specify the details that apply to each:
      Type of entity Name of
      applicable
      legal
      authority
      Date of last
      amendment
      (e.g. MM/YYYY 06/2001)
      Name of body responsible
      for setting audit and
      other assurance standards
      Listed entity No legal authority - by consensus N/A The Board of "Den norske Revisorforening" - for all statutory audits
      Other (please describe) Governmental bodies Lov om riksrevisjonen LOV-2004-05-07-21 2004-05-07 National Audit Office
      Other (please describe)
      Other (please describe)

      a. How can IFAC obtain copies of these documents?

      IFAC may have access to the documents posted on our website www.revisornett.no

      b. Are the documents available in English?
      Yes   No


    Section 5B -- Standard-Setting (The Board of "Den norske Revisorforening" - for all statutory audits)


    44. For The Board of "Den norske Revisorforening" - for all statutory audits, please indicate the nature of the body (i.e., whether it is part of a government ministry or department, an agency appointed by government, a private organization established by the profession, or other [please describe]) and the name of the standards.
      a. Nature of body

      Auditing standards are set by the Board of "Den norske Revisorforening", i.e. the "member body", which is a private organization established by the profession. The Board has established a technical Auditing Standards Committee to perform the technical work.

      b. Name of standards

      Standarder for revisjon og beslektede tjenester (i.e. standards on auditing and related services)


    45. How many voting members does the standard-setting body have?
      10


    46. Are the members of the standard-setting body involved on a voluntary basis or employed by the standard-setting body?
      Voluntary  
      Employed  
      Both - Please describe:


    47. What are the criteria considered in selecting members of the standard-setting body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?
      The board of Den norske Revisorforening, which formally adopts the standards) is elected to represent the audit firm structure (sizes and network membership etc) and (to a certain extent)geographical representation.

      The technical development of the standards is done by an auditing standards committee aappointed by the board. This technical committee consists mainly of members in public practice, however, includes one member from academia.


    48. Who appoints these members (e.g., member body, government, user, regulator, etc.)?
      The Board of Den norske Revisorforening is appointed by the members (the general asssembly)of Den norske Revisorforening, i.e. the members of the member body


    49. What is the term of appointment for members?
      2 Year(s)


    50. For how many years has the standard-setting body been in existence?
      36 Year(s)


    51. Please indicate the budget in US$ of the standard-setting body for the last fiscal year:
      Note: Please enter a whole number using commas (e.g., 4,000,000)

      232,000

      Please enter the exchange rate used to calculate this number.

      Note: Please enter a decimal amount (e.g., 4.0027)

      6.90



    52. To what entity is the standard-setting body accountable?
      To the general assembly of Den norske Revisorforening.


    53. Describe the due process followed by the standard-setting body. Please include explanations of the following:
    1. public exposure of standards

      Drafts are exposed for comments to all members and to a variety of user organisations and institutions, both private and public. Normal exposure period is 60 - 90 days.

    2. accessibility of meetings (i.e., public or private)

      Not open to the public.

    3. approval process for final standards (i.e., majority required to approve final standards)

      Simple majority.

    4. other relevant due process activities

      After the exposure period drafts are adjusted as required by the technical Auditing Standards Committee and approved as standards by the Board of Den norske Revisorforening.


    54. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?
      10 Day(s)


    Section 5B -- Standard-Setting (National Audit Office)


    44. For National Audit Office, please indicate the nature of the body (i.e., whether it is part of a government ministry or department, an agency appointed by government, a private organization established by the profession, or other [please describe]) and the name of the standards.
      a. Nature of body

      a National Audit Office

      b. Name of standards

      Standards on Auditing of the Government based on standards from INTOSAI


    45. How many voting members does the standard-setting body have?
      5


    46. Are the members of the standard-setting body involved on a voluntary basis or employed by the standard-setting body?
      Voluntary  
      Employed  
      Both - Please describe:


    47. What are the criteria considered in selecting members of the standard-setting body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?
      Public members elected by the Parliament


    48. Who appoints these members (e.g., member body, government, user, regulator, etc.)?
      Parliament


    49. What is the term of appointment for members?
      4 Year(s)


    50. For how many years has the standard-setting body been in existence?
      Year(s)


    51. Please indicate the budget in US$ of the standard-setting body for the last fiscal year:
      Note: Please enter a whole number using commas (e.g., 4,000,000)

      N/A

      Please enter the exchange rate used to calculate this number.

      Note: Please enter a decimal amount (e.g., 4.0027)

      N/A



    52. To what entity is the standard-setting body accountable?
      Parliament


    53. Describe the due process followed by the standard-setting body. Please include explanations of the following:
    1. public exposure of standards

      N/A

    2. accessibility of meetings (i.e., public or private)

      N/A

    3. approval process for final standards (i.e., majority required to approve final standards)

      N/A

    4. other relevant due process activities

      N/A


    54. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?
      Day(s)



    Section 6 -- Ethics


    Responses to questions in this section will provide a description of the legal and professional framework governing ethics standards for accountants in your country. This section focuses on the establishment of such standards. Please indicate the role your organization plays within this framework.

    Section 6A -- Statutory Framework


    55. For each of the following types of professionals, please indicate the name of the Legal authority and/or self-regulatory rules establishing ethics standards for accountants and auditors in your country, the date of the last amendment of such authority or rules and the name of body responsible for setting the ethics standards.
      Type of professional covered Name of
      applicable
      legal
      authority
      Date of last
      amendment
      (e.g. MM/YYYY 06/2001)
      Name of body responsible
      for setting ethics standards
      Professional Accountants in Public Practice Lov om revisjon og revisorer LOV-2003-09-05-91 from 2004-03-01 Parliament
      Professional Accountants in Business
      Professional Accountants in the Public Sector
      Other (please describe) Members of Den norske Revisorforening Independence rules and Regler for god revisorskikk 12/2002 Den norske Revisorforening

      a. How can IFAC obtain copies of these documents?

      The act on Auditing and Auditors has been translated to English. The independence rules of DnR are a translation of IFAC Code of Ethics Chapter 8 as approved by IFAC Board in November 2001, and was approved by the Board of Den norske Revisorforening in December 2002. The "Regler for god revisorskikk" was revised in December 2002

      b. Are the documents available in English?
      Yes   No


    Section 6B -- Standard-Setting (Parliament)


    56. For Parliament, please indicate the nature of the body (i.e., whether it is part of a government ministry or department, an agency appointed by government, a private organization established by the profession, or other [please describe]) and the name of the standards.
      a. Nature of body

      Parliament - Ethics principles, based on EU principles are incorporated in national legislation.

      b. Name of standards

      N/A


    57. How many voting members does the standard-setting body have?


    58. Are the members of the standard-setting body involved on a voluntary basis or employed by the standard-setting body?
      Voluntary  
      Employed  
      Both - Please describe:


    59. What are the criteria considered in selecting members of the standard-setting body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?


    60. Who appoints these members (e.g., member body, government, user, regulator, etc.)?


    61. What is the term of appointment for members?
      Year(s)


    62. For how many years has the standard-setting body been in existence?
      Year(s)


    63. Please indicate the budget in US$ of the standard-setting body for the last fiscal year:
      Note: Please enter a whole number using commas (e.g., 4,000,000)

      Please enter the exchange rate used to calculate this number.

      Note: Please enter a decimal amount (e.g., 4.0027)



    64. To what entity is the standard-setting body accountable?


    65. Describe the due process followed by the standard-setting body. Please include explanations of the following:
    1. public exposure of standards



    2. accessibility of meetings (i.e., public or private)



    3. approval process for final standards (i.e., majority required to approve final standards)



    4. other relevant due process activities



    66. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?
      Day(s)


    Section 6B -- Standard-Setting (Den norske Revisorforening)


    56. For Den norske Revisorforening, please indicate the nature of the body (i.e., whether it is part of a government ministry or department, an agency appointed by government, a private organization established by the profession, or other [please describe]) and the name of the standards.
      a. Nature of body

      Private organisation established by profession

      b. Name of standards

      DnRs etiske regler


    57. How many voting members does the standard-setting body have?
      10


    58. Are the members of the standard-setting body involved on a voluntary basis or employed by the standard-setting body?
      Voluntary  
      Employed  
      Both - Please describe:


    59. What are the criteria considered in selecting members of the standard-setting body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?
      The board of Den norske Revisorforening, which formally adopts the standards) is elected to represent the audit firm structure (sizes and network membership etc) and (to a certain extent)geographical representation.


    60. Who appoints these members (e.g., member body, government, user, regulator, etc.)?
      General Essembly of DnR


    61. What is the term of appointment for members?
      2 Year(s)


    62. For how many years has the standard-setting body been in existence?
      24 Year(s)


    63. Please indicate the budget in US$ of the standard-setting body for the last fiscal year:
      Note: Please enter a whole number using commas (e.g., 4,000,000)

      100,000

      Please enter the exchange rate used to calculate this number.

      Note: Please enter a decimal amount (e.g., 4.0027)

      6,90



    64. To what entity is the standard-setting body accountable?
      To the General Assembly of DnR


    65. Describe the due process followed by the standard-setting body. Please include explanations of the following:
    1. public exposure of standards

      3 month exposure period.

    2. accessibility of meetings (i.e., public or private)

      Private

    3. approval process for final standards (i.e., majority required to approve final standards)

      Simple Majority.

    4. other relevant due process activities



    66. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?
      2 Day(s)



    Section 7 -- Education


    Responses to questions in this section will provide a description of how education requirements for the profession are established. Please indicate the role your organization plays within this process.

    Section 7A -- Education Requirements


    67. Please describe in general terms the education system in your country including the different stages of education from early childhood education through to tertiary level study. Please indicate which aspects / levels are compulsory as part of the national education system:
      From 6 yrs of age, children have 7 yrs of primary school, thereafter 3 yrs of junior secondary school, then 3 years of secondary education at advanced level. Then pupils have reached the level of entry to University/College level. The first ten years are mandatory.


    68. Is there a legal authority or regulation that specifies the requirements for an individual to operate as an accountant or auditor in your country?
      Yes   No

      If YES, please provide the name and describe the requirements, including any relating to education, experience or qualifications.

      Lov om revisjon og revisorer (The auditing and auditors act) Requirements:
      (Section 3-4:) Conduct requirement etc.
      Anyone approved (see question 69) as a registered or state authorised auditor/public accountant must:
      1. have a clean record of conduct,
      2. be able to fulfil his obligations as they arise, and
      3. be of full age and legally competent.

      The requirements are based on the 8th Company Law Directive of the EU.


    69. Please select from below all the relevant key levels of requirements to obtain certification from your member body (i.e. to qualify as a certified or chartered accountant) and provide a general description of the requirement.
      Academic requirements
      Our member body does not grant any certification to enter the profession. Certification is granted by the Kredittilsynet (The Financial Supervisory Authority of Norway), a government agency under the Ministry of Finance.
      Professional examinations
      Practical experience
      Minimum 3 years of varied experience in auditing of annual accounts or similar financial statements is required.
      Final qualifying examination
      Other (please describe)


    70. Which of the following arrangements best describes who establishes the education requirements for the accounting profession in your country? Please select one option.
      A government ministry, department or agency establishes education requirements for the accounting profession with no additional requirements set by the member body(ies).
      A government ministry, department or agency establishes minimum education requirements for the accounting profession, and member body(ies) supplement these requirements.
      Member body(ies) establishes the education requirements for the accounting profession.
      Other (please describe)


    71. Please provide the name(s) of the relevant body in the government ministry, department, agency and / or member body who establishes the education requirements.
      Ministry of Education

    1. A general description of the role of the relevant body(ies) including how it operates and its due process in establishing the education requirements.

      N/A

    2. How many voting members does the relevant body(ies) have

      N/A

    3. Are the members of the relevant body(ies) involved on a voluntary basis or employed by the standard-setting body?
      Voluntary  
      Employed  
      Both - Please describe:

    4. For how many years has the body been in existence?

      Year(s)


    72. How would you describe the authority that the education requirements have?
      Requirements are legally-based
      Requirements are set in the constitution, by-laws or other rules of the relevant body(ies).
      Requirements are set in member body(ies) policy document(s).
      Other (please describe)

    72 a. How can IFAC obtain copies of these documents?

    72 b. Are these documents available in English?
      Yes   No


    73. Are the education requirements for accountants and auditors the same throughout your country, or do they differ among regions, provinces or states?
      Same   Different
      If different, please briefly describe the main differences:


    74. Please indicate the scenario that best describes who delivers the education and examination process for members of the profession. Please only select one option.
      The education program and final examination are delivered by the member body.
      The education program and final examination are delivered by the member body and other education institutions (e.g., universities, colleges, and others).
      The education program and final examination are delivered by education institutions (e.g., universities, colleges, and others).
      Other (please explain)


    75. Once qualified as a member of your professional body, can members offer their services directly to the public?
      Yes   No



    Section 7B -- Licensing


    76. Are there licensing requirements for auditors in your country?
      Yes (continue with Question 77)   No (proceed to Section 8)


    77. Who sets the requirements to obtain a license?
      Set in act passed by Parliament.


    78. What are the requirements to obtain a license (please select all relevant requirements.)?
      Academic study specific for obtaining a license
      Practical experience
      Licensing examination
      Final qualifying examination
      Other (please describe)


    79. Are there ongoing requirements to retain a license?
      Yes   No

      If YES, please select all relevant requirements.
      Continuing professional development
      Re-examination
      Other (please specify):


    80. What entity grants the license?
      The Kredittilsynet (The Financial Supervisory Authority of Norway), a government agency under the Ministry of Finance.


    81. Describe any additional licensing requirements for auditors of listed entities (e.g., additional education requirements, registration, etc.).
      None, however to be appointed statutory auditor of a listed entity, the auditor must be a "statsautorisert revisor", i.e. belong to the category of approved auditors with the highest qualifications of the two categories approved by the Kredittilsynet.



    Section 8 -- Public Sector Accounting Standards


    Responses to this section will provide a description of the legal and professional framework governing public sector accounting standards in your country. The section focuses on the establishment of such standards. Please indicate, where appropriate, the role of your organization within this framework.

    Section 8A -- Statutory Framework


    82. Please provide the name of the Legal authority and/or self-regulatory rules establishing public sector accounting standards in your country, the date of last amendment and the name of the body responsible for setting public sector accounting standards. If the standards are different for different entities (e.g., whole of government, ministry/department, statutory authority/agency, profit entity owned by government, state governments, local governments, other [please specify]), please specify the details that apply to each.
      Type of entity Name of
      legal
      authority
      Date of last
      amendment
      (e.g. MM/YYYY 06/2001)
      Name of body responsible
      for setting public sector
      accounting standards
      Whole of government
      Ministry/department Crown Prince Regent's Resolution of 12 December 2003 Ministry of Finance
      Statutory authority/agency Crown Prince Regent's Resolution of 12 December 2003 Ministry of Finance
      Profit entity owned by government Special laws for diffrent types of entities Different ministries
      State governments Crown Prince Regent's Resolution of 12 December 2003 Ministry of Finance
      Local governments Kommuneloven (The Municipalities Act) of 1992-09-25 No 1 12/2003 Foreningen for god kommunal regnskapsskikk
      Other (please describe)
      Other (please describe)

      a. How can IFAC obtain copies of these documents?

      Available from government database http://www.lovdata.no

      b. Are the documents available in English?
      Yes   No


    Section 8B -- Standard-Setting (Ministry of Finance)


    83. For Ministry of Finance, please indicate the nature of the body (i.e., whether it is part of a government ministry or department, an agency appointed by government, a private organization established by the profession, or other [please describe]) and the name of the standards.
      a. Nature of body

      Government ministry

      b. Name of standards



    84. How many voting members does the standard-setting body have?


    85. Are the members of the standard-setting body involved on a voluntary basis or employed by the standard-setting body?
      Voluntary  
      Employed  
      Both - Please describe:


    86. What are the criteria considered in selecting members of the standard-setting body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?


    87. Who appoints these members (e.g., member body, government, user, regulator, etc.)?


    88. What is the term of appointment for members?
      Year(s)


    89. For how many years has the standard-setting body been in existence?
      Year(s)


    90. Please indicate the budget in US$ of the standard-setting body for the last fiscal year:
      Note: Please enter a whole number using commas (e.g., 4,000,000)

      Please enter the exchange rate used to calculate this number.

      Note: Please enter a decimal amount (e.g., 4.0027)



    91. To what entity is the standard-setting body accountable?


    92. Describe the due process followed by the standard-setting body. Please include explanations of the following:
    1. public exposure of standards



    2. accessibility of meetings (i.e., public or private)



    3. approval process for final standards (i.e., majority required to approve final standards)



    4. other relevant due process activities



    93. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?
      Day(s)


    Section 8B -- Standard-Setting (Different ministries)


    83. For Different ministries, please indicate the nature of the body (i.e., whether it is part of a government ministry or department, an agency appointed by government, a private organization established by the profession, or other [please describe]) and the name of the standards.
      a. Nature of body



      b. Name of standards



    84. How many voting members does the standard-setting body have?


    85. Are the members of the standard-setting body involved on a voluntary basis or employed by the standard-setting body?
      Voluntary  
      Employed  
      Both - Please describe:


    86. What are the criteria considered in selecting members of the standard-setting body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?


    87. Who appoints these members (e.g., member body, government, user, regulator, etc.)?


    88. What is the term of appointment for members?
      Year(s)


    89. For how many years has the standard-setting body been in existence?
      Year(s)


    90. Please indicate the budget in US$ of the standard-setting body for the last fiscal year:
      Note: Please enter a whole number using commas (e.g., 4,000,000)

      Please enter the exchange rate used to calculate this number.

      Note: Please enter a decimal amount (e.g., 4.0027)



    91. To what entity is the standard-setting body accountable?


    92. Describe the due process followed by the standard-setting body. Please include explanations of the following:
    1. public exposure of standards



    2. accessibility of meetings (i.e., public or private)



    3. approval process for final standards (i.e., majority required to approve final standards)



    4. other relevant due process activities



    93. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?
      Day(s)


    Section 8B -- Standard-Setting (Foreningen for god kommunal regnskapsskikk)


    83. For Foreningen for god kommunal regnskapsskikk, please indicate the nature of the body (i.e., whether it is part of a government ministry or department, an agency appointed by government, a private organization established by the profession, or other [please describe]) and the name of the standards.
      a. Nature of body

      an independent association established by four parties - of which The Ministry of Local Government and Regional Development is one.

      b. Name of standards

      Kommunal regnskapsstandard - Local governmental accounting standard


    84. How many voting members does the standard-setting body have?
      9


    85. Are the members of the standard-setting body involved on a voluntary basis or employed by the standard-setting body?
      Voluntary  
      Employed  
      Both - Please describe:


    86. What are the criteria considered in selecting members of the standard-setting body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?
      Technically competent representatives of the founding organisations, plus one representative from the Ministry of Culture and Church Affairs.


    87. Who appoints these members (e.g., member body, government, user, regulator, etc.)?
      The founding organisations appoint two members each, and one is appointed by the Ministry of Culture and Church Affairs.


    88. What is the term of appointment for members?
      Year(s)


    89. For how many years has the standard-setting body been in existence?
      3 Year(s)


    90. Please indicate the budget in US$ of the standard-setting body for the last fiscal year:
      Note: Please enter a whole number using commas (e.g., 4,000,000)

      Please enter the exchange rate used to calculate this number.

      Note: Please enter a decimal amount (e.g., 4.0027)



    91. To what entity is the standard-setting body accountable?
      They are an Independent committee.


    92. Describe the due process followed by the standard-setting body. Please include explanations of the following:
    1. public exposure of standards



    2. accessibility of meetings (i.e., public or private)

      private

    3. approval process for final standards (i.e., majority required to approve final standards)



    4. other relevant due process activities



    93. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?
      Day(s)



    Section 9 -- Private Sector Accounting Standards


    Responses to the questions in this section will provide a description of the legal, statutory and professional framework governing private-sector accounting standards in your country. The section focuses on the establishment of such standards. Please indicate what role your organization plays within this framework.

    Section 9A -- Statutory Framework


    94. Please provide the name of the Legal authority and/or self-regulatory rules that establish private-sector accounting standards in your country, the date of last amendment, and the name of the body responsible for setting private sector accounting standards. If the standards are different for different entities (for example, listed entities, private companies, governmental organization, not for profit organizations, etc.), please specify the requirements that apply to each.
      Type of entity Name of legal
      authority or
      applicable
      rules
      Date of last
      amendment
      (e.g. MM/YYYY 06/2001)
      Name of body responsible
      for setting private sector
      accounting standards
      Listed entity No direct legal authority. From 2005 there will be an obligation to use IFRS. Norsk RegnskapsStiftelse (the Norwegian Accounting Standards Board)
      Other (please describe) The Accounting Standards apply to listed and private companies and partnerships. Requirements are differentiated according to size of entity.
      Other (please describe)
      Other (please describe)
      Other (please describe)

      a. How can IFAC obtain copies of these documents?

      From the web-site of the standard setting body at www.regnskapsstiftelsen.no

      b. Are the documents available in English?
      Yes   No


    Section 9B -- Standard-Setting (Norsk RegnskapsStiftelse (the Norwegian Accounting Standards Board))


    95. For Norsk RegnskapsStiftelse (the Norwegian Accounting Standards Board), please indicate the nature of the body (i.e., whether it is part of a government ministry or department, an agency appointed by government, a private organization established by the profession, or other [please describe]) and the name of the standards.
      a. Nature of body

      NASB is a private body. The founding members of the Norwegian Accounting Standards Board (Norsk RegnskapsStiftelse) are:

      The Norwegian School of Management
      The Norwegian School of Economics and Business Administration
      The Norwegian Institute of Public Accountants
      The Norwegian Association of MBA Graduates
      The Norwegian Society of Financial Analysts
      The Confederation of Norwegian Business and Industry
      The Oslo Stock Exchange


      b. Name of standards

      Norske regnskapsstandarder - Norwegian Accounting Standards


    96. How many voting members does the standard-setting body have?
      11


    97. Are the members of the standard-setting body involved on a voluntary basis or employed by the standard-setting body?
      Voluntary  
      Employed  
      Both - Please describe:


    98. What are the criteria considered in selecting members of the standard-setting body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?
      The founding members name one person each to a supervisory board which have some administrative duties. The supervisory board elect four members of the standard setting board after proposal from the standard setting board.


    99. Who appoints these members (e.g., member body, government, user, regulator, etc.)?
      The founding members name one person each to a supervisory board which have some administrative duties. The supervisory board elect four members of the standard setting board after proposal from the standard setting board.


    100. What is the term of appointment for members?
      4 Year(s)


    101. For how many years has the standard-setting body been in existence?
      15 Year(s)


    102. Please indicate the budget in US$ of the standard-setting body for the last fiscal year:
      Note: Please enter a whole number using commas (e.g., 4,000,000)

      420,000

      Please enter the exchange rate used to calculate this number.

      Note: Please enter a decimal amount (e.g., 4.0027)

      6.90



    103. To what entity is the standard-setting body accountable?
      The supervisory board of NASB


    104. Describe the due process followed by the standard-setting body. Please include explanations of the following:
    1. public exposure of standards

      Public hearing list of 40 different organisations

    2. accessibility of meetings (i.e., public or private)

      Private

    3. approval process for final standards (i.e., majority required to approve final standards)

      67 per cent om members have to vote in favour

    4. other relevant due process activities



    105. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?
      12 Day(s)



    Section 10 -- Monitoring (Quality Assurance) and Enforcement


    Responses to the questions in this section will provide a description of the legal and professional framework governing regulation of the profession in your country. Please indicate what role your organization plays within this framework.

    Section 10A -- Securities Market Regulatory Authority


    106. Name the authority that regulates the securities market:
      Kredittilsynet, i.e. "The Financial Supervisory Authority of Norway"


    107. What responsibilities does this organization have for monitoring and enforcing compliance with accounting, reporting or auditing requirements? Please identify the Legal authority that establishes that responsibility:
      Kredittilsynsloven


    108. Briefly describe the role of the regulatory authority as it relates to the following:
    1. regulation of the audit profession

      The Kredittilsynet is the licensing and supervisory body.

    2. accounting and auditing standard-setting

      No role

    3. review of financial statements prepared by listed entities, and monitoring of their compliance with the accounting and disclosure requirements

      No role.



    Section 10B -- Stock Exchange


    109. Name the four largest stock exchangers (by market capitalization) and whether it is organized as a profit or not-for-profit organization:
      Profit Not
      for
      profit
      Stock Exchange
      Oslo Børs (The Oslo Stock Exchange)



    Section 10B -- Stock Exchange
    Oslo Børs (The Oslo Stock Exchange) Details


    110. For Oslo Børs (The Oslo Stock Exchange), is there a mechanism at the stock exchange(s) for monitoring and enforcing financial reporting, accounting and auditing of listed entities?
      Yes   No

      If YES, please describe the following:

    1. How the monitoring and enforcement of financial reporting, accounting and auditing is conducted.

      On a random sample basis and on basis of signals

    2. The consequences of non-compliance with the financial reporting, accounting or auditing requirements.

      Warnings, fines and de-listing

    3. How enforcement actions are administered.

      By employers at OSE



    Section 10C -- Regulatory Oversight of the Accounting Profession


    111. Has an audit profession oversight body been established (e.g., to oversee the external quality assurance review process, etc.)?
      Yes   No

      If NO, proceed to the next section.

      If YES, please describe :

    1. What are the name and duties of the oversight body?

      Ultimate responsibility for quality assurance, licensing and disiplinary proceedings.

    2. The number of members on the oversight body

      6

    3. Its powers

      Withdraw license to practice as a statutory auditor.

    4. How the oversight body conducts or oversees a program of inspections to assess the degree of compliance of each audit firm/auditor with applicable auditing standards and regulations

      See section 10 H

    5. The sanctions the oversight body may impose in the event of non-compliance

      See question C above.

    6. How the oversight body is accountable to any public institution or body

      Ministry of Finance.


    Section 10D -- Banks Regulatory Authority


    112. Name the authority that regulates the banks and similar financial institutions. Discuss how this authority differentiates between accounting requirements for regulatory reporting and general purpose external financial reporting:
      Kredittilsynet, i.e. "The Financial Supervisory Authority of Norway"


    113. Discuss briefly the legal requirements with respect to monitoring and enforcement by the regulatory authority of accounting and auditing standards that apply to the banks and similar financial institutions:
      Supervision of banking, finance and insurance is intended to secure satisfactory financial strength, risk awareness, management and control at institutions. It comprises onsite and off-site supervision, in addition to which Kredittilsynet is assigned administrative and consultative tasks as well as responsibility for framing rules.


    114. Briefly describe the role of the regulatory authority as it relates to the following:
    1. regulation of the audit profession



    2. accounting and auditing standard-setting



    3. review of financial statements prepared by listed entities



    4. enforcement of accounting, reporting and auditing requirements




    Section 10E -- Non-Banking Financial Institutions Regulatory Authority


    115. Name the regulatory authority(ies) responsible for monitoring compliance with and enforcing accounting, reporting and auditing requirements imposed on non-banking institutions.
      No de facto enforcement outside listed and financial companies. But financial statements have to be sent to a public register.


    116. What is the source of Legal authority of the regulatory authority(ies)?


    117. Briefly describe the role of the regulatory authority(ies) as it relates to the following:
    1. regulation of the audit profession



    2. accounting and auditing standard-setting



    3. review of financial statements prepared by listed entities



    4. enforcement of accounting, reporting and auditing requirements




    Section 10F -- Insurance Companies Regulatory Authority


    118. Name the regulatory authority responsible for monitoring compliance with and enforcing accounting, reporting and auditing requirements imposed on insurance companies.
      Kredittilsynet, i.e. "The Financial Supervisory Authority of Norway"


    119. What is the source of Legal authority of the regulatory authority(ies)?
      Kredittilsynsloven


    120. Briefly describe the role of the regulatory authority(ies) as it relates to the following
    1. regulation of the audit profession

      Supervision of banking, finance and insurance is intended to secure satisfactory financial strength, risk awareness, management and control at institutions. It comprises onsite and off-site supervision, in addition to which Kredittilsynet is assigned administrative and consultative tasks as well as responsibility for framing rules.

    2. accounting and auditing standard-setting



    3. review of financial statements prepared by listed listed entities



    4. enforcement of accounting, reporting and auditing requirements




    Section 10G -- Other Regulatory Authority


    121. Name any other regulatory authority(ies) responsible for monitoring compliance with and enforcing accounting, reporting and auditing requirements.


    122. What is the source of Legal authority of each regulatory authority?
      Domstolloven (The Courts Act)

      Stiftelsesloven


    123. Briefly describe the role of the regulatory authority(ies) as it relates to the following
    1. regulation of the audit profession

      None

    2. accounting and auditing standard-setting

      None

    3. review of financial statements prepared by listed listed entities

      None

    4. enforcement of accounting, reporting and auditing requirements

      Reviews annual mandatory accounting reports from lawyers.



    Section 10H -- Quality Assurance


    124. Does any organization of professional accountants/auditors organize a program of quality assurance review to monitor compliance with accounting, reporting and auditing requirements?
      Yes   No

      If NO, proceed to next Section.

      If YES, briefly describe the monitoring and enforcement mechanism.

      A peer review system is established by Den norske Revisorforening. Performs q. c. of all members in public practice in coperation with the Kredittilsynet, i.e. "The Financial Supervisory Authority of Norway" which is the government supervisory body of the accountants licenced to perform statutory audits.



    125. Under what authority does the organization conduct the program of quality assurance review?
      Established by the professional institute (The IFAC member body)- recognized by government in the preparatory works of the Auditors and Auditing Act. Performs its function in cooperation with the Kredittilsynet, i.e. "The Financial Supervisory Authority of Norway" which is a government body.


    126. Who performs the review (e.g., one firm reviewing another firm, staff from the national professional organization, contractors, or a combination of these)?
      Practicing Auditors from one firm reviewing another firm.



    Section 10 I -- Investigation and Discipline


    127. Is there a process for investigating and disciplining the accounting profession in your country?

    128. Which of the following best describes the responsibility for the investigatory and disciplinary function in your country?
      Government or other agencies are solely responsible for this function.
      Government or other agencies have this responsibility, but the member body or bodies participate in the process.
      Government formally delegates this function to the member body or bodies, to exercise on its behalf.
      Member body or bodies have separate and independent processes that operate alongside processes of legal authorities.
      Other (please explain)


    129. Please indicate the name of the body or bodies responsible for investigation and discipline.
      the Kredittilsynet, i.e. "The Financial Supervisory Authority of Norway"


    Responses to the remaining questions in this Section are required if your organization has responsibility for investigation and disciplinary actions.

    130. How many voting members does the body have?


    131. Are the members of the body involved on a voluntary basis or employed by the standard-setting body?
      Voluntary  
      Employed  
      Both - Please describe:


    132. What are the criteria considered in selecting members of the body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?



    133. Who appoints these members (e.g., member body, government, user, regulator, etc.)?


    134. What is the term of appointment for members?
      Year(s)


    135. For how many years has the body been in existence?
      Year(s)


    136. Please indicate the budget in US$ of the body for the last fiscal year.
      Note: Please enter a whole number using commas (e.g., 4,000,000)

      Please enter the exchange rate used to calculate this number.

      Note: Please enter a decimal amount (e.g., 4.0027)

      (specify currency)



    137. To what entity is the body accountable?



    138. Approximately how many days per year does the body meet in full session (including teleconferences)?
      Day(s)



     

     

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