Den Norske Revisorforening

Before the transposition of Directive 2014/56/EU on statutory audits, Revisorforeningen carried out quality assurance reviews for all statutory auditors in the jurisdiction. Under the current framework, the Financial Supervisory Authority of Norway (FSA) is responsible for the overall quality assurance (QA) system. The FSA conducts inspections of auditors and audit firms that perform audits of public interest entities (PIEs), while Revisorforeningen conducts QA reviews of its members performing non-PIE audits on behalf of, and under the oversight of, the FSA. Revisorforeningen’s quality control materials for 2025 continue to reflect this operational role within the overall public oversight framework.

Revisorforeningen reports that its QA reviews are carried out by experienced practitioners and cover quality management at the firm level, audit engagements, and other assurance work. The institute maintains a detailed annual quality control program and reviewer guidance and continues to coordinate with the FSA on the operation of the system. Revisorforeningen states that it carries out regular quality control of its own members in cooperation with Finanstilsynet, and the institute continues to recruit and train quality reviewers to support this work.

Revisorforeningen has also demonstrated ongoing activity to support implementation of quality management requirements. In May 2024, it updated its guidance material on quality management and risk management in audit firms. The updated material incorporates additional guidance on engagement quality reviews under ISQM 2, expands the description of monitoring and remediation processes, and includes a new example of an annual evaluation report for the system of quality management. In October 2025, Revisorforeningen also published guidance on the annual evaluation of the system of quality management, helping firms assess the effectiveness of their quality management arrangements and identify needed improvements.

In addition, Revisorforeningen continues to communicate inspection findings and implementation issues to members through courses, guidance, and conferences. Its current course offerings include sessions dedicated to experiences from the 2025 quality control cycle and selected audit topics arising from questions received through its guidance service. Revisorforeningen also maintains a broad continuing professional development program, with more than 34,000 course participants reported in 2025 across e-learning, webinars, and other formats.

Revisorforeningen has demonstrated an established and ongoing process to support its members in relation to QA reviews and implementation of quality management standards, while continuing to cooperate with the FSA within the public oversight framework. Accordingly, the Statement of Membership Obligation 1 (SMO 1) fulfillment status remains Sustain.

Current Status: Sustain

In Norway, national legislation regulates initial professional development (IPD) and continuing professional development (CPD) requirements for State Authorised Public Accountants (SPA). Several institutions are involved in the implementation of IPD and CPD requirements, including the Ministry of Education and Research, the Ministry of Finance, the Financial Supervisory Authority of Norway (FSA), the Norwegian Institute of Public Accountants (Revisorforeningen), and accredited universities and business schools.

Revisorforeningen continues to promote and support alignment with the International Education Standards (IES) through ongoing engagement with regulators, universities, and other stakeholders involved in professional education. The institute reports that the requirements applicable to SPAs are aligned with the latest IES.

Revisorforeningen remains actively involved in promoting best practices in professional education. It continues to hold regular dialogue with universities and other educational institutions to help define the competencies and skills required of future statutory auditors and professional accountants. The institute also works closely with major audit firms and other stakeholders to support curriculum development and ensure that professional education remains responsive to changes in the profession.

In addition, Revisorforeningen supports the implementation of CPD requirements through an extensive and ongoing program of technical training, conferences, webinars, and e-learning for its members. Recent course offerings include training in audit quality, sustainability reporting, ethics, and emerging reporting requirements. The institute reported more than 34,000 course participants in 2025, demonstrating a sustained commitment to professional learning and member support.

A significant recent development is Revisorforeningen’s continued support for sustainability reporting and assurance competencies. In cooperation with the five largest audit firms in Norway, the institute launched the Academy on Sustainability Reporting, a seven-day practical training program focused on the European Sustainability Reporting Standards (ESRS) and assurance over sustainability reporting. The academy has continued through multiple cohorts and remains an important initiative to equip members with new competencies in response to market and regulatory developments.

Revisorforeningen has demonstrated an established and ongoing process to support professional education and continuing competence for its members and to promote alignment with the IES framework. Accordingly, the Statement of Membership Obligation 2 (SMO 2) fulfillment status remains Sustain.

Current Status: Sustain

Norwegian law refers to generally accepted auditing and assurance practices and does not prescribe a separate national set of auditing standards. In practice, the International Standards on Auditing (ISA) and other pronouncements issued by the International Auditing and Assurance Standards Board (IAASB) are applied in Norway and are recognized by the Financial Supervisory Authority of Norway (FSA) and the courts as the applicable auditing standards for statutory audits.

The Norwegian Institute of Public Accountants (Revisorforeningen) continues to play a leading role in supporting the adoption and implementation of ISA in the jurisdiction. The institute is responsible for preparing and maintaining Norwegian translations of ISA and related IAASB pronouncements and for disseminating updates to its members.

Revisorforeningen maintains an ongoing process to monitor IAASB pronouncements and developments, review and comment on exposure drafts, and communicate proposed changes through its website, newsletters, technical publications, and professional forums.

In addition to supporting implementation of the 2025 Handbook of International Quality Management, Auditing, Review, Other Assurance, and Related Services Pronouncements, Revisorforeningen has recently expanded its implementation support for members. Recent activities include guidance and frequently asked questions on the International Standard on Auditing for Audits of Financial Statements of Less Complex Entities (ISA for LCE), which became effective in Norway for periods beginning on or after 15 December 2025, with early adoption encouraged. The institute has published implementation guidance and technical support materials to help members apply the new standard.

Revisorforeningen also continues to provide extensive training and guidance to support implementation of new and revised standards, including the International Standard on Quality Management 1 (ISQM 1) and International Standard on Quality Management 2 (ISQM 2), as well as audit quality topics arising from inspection findings and emerging technical issues.

In addition, the institute continues to support small- and medium-sized practices (SMPs) through technical resources, practical tools, and software solutions that operationalize ISA-compliant methodologies for high-quality audit performance.

Revisorforeningen has demonstrated an established and ongoing process to support adoption and implementation of IAASB pronouncements and to maintain alignment with international standards. Accordingly, the Statement of Membership Obligation 3 (SMO 3) fulfillment status remains Sustain.

Current Status: Sustain

In Norway, the Auditors Act of 2020 requires all statutory auditors and audit firms to comply with principles of professional ethics and independence. The Act includes independence requirements aligned with the European Union (EU) Audit Directive and the EU Audit Regulation, as well as provisions relating to the auditor’s role, engagement partner responsibilities, professional confidentiality, and acceptance and resignation of engagements.

The Norwegian Institute of Public Accountants (Revisorforeningen) continues to support alignment with the International Code of Ethics for Professional Accountants (including International Independence Standards) issued by the International Ethics Standards Board for Accountants (IESBA). Based on available information, the ethical requirements applicable to statutory auditors in Norway are aligned with the 2025 Handbook.

Revisorforeningen has established an ongoing process to monitor new and amended IESBA pronouncements and to disseminate updates to members through its website, technical alerts, and e-mail newsletters. The institute also continues to review and provide comments on IESBA exposure drafts and consultation papers where relevant.

As part of its continuing professional development program, Revisorforeningen offers courses, webinars, and e-learning focused on ethics, independence, professional judgment, and auditor conduct. The institute also maintains an advisory support service through which members may submit queries and obtain technical guidance on ethical and independence matters, including conflict of interest and engagement acceptance issues.

Recent professional guidance and training activities have also incorporated updates related to technology, sustainability reporting assurance, and evolving independence requirements, ensuring that members remain current with revisions to the Code and emerging professional issues.

Revisorforeningen has demonstrated an established and ongoing process to support its members in implementing ethical requirements and to maintain alignment with IESBA pronouncements. Accordingly, the Statement of Membership Obligation 4 (SMO 4) fulfillment status remains Sustain.

Current Status: Sustain

The Ministry of Finance (MoF) is responsible for establishing public sector accounting requirements in Norway. Public sector financial reporting at the central government level continues to be based primarily on a cash-basis framework.

Although the Norwegian Institute of Public Accountants (Revisorforeningen) has no direct responsibility for adopting public sector accounting standards in the jurisdiction, it continues to use its best endeavors to promote high-quality public sector financial reporting and alignment with International Public Sector Accounting Standards (IPSAS) where appropriate.

Revisorforeningen supports dialogue on public sector accounting reform through participation in professional discussions, seminars, and technical forums related to accrual accounting, sustainability reporting, and international standard-setting developments. These activities form part of the institute’s ongoing efforts to support harmonization with international best practices and to contribute technical expertise to broader public sector financial reporting discussions in Norway and Europe.

In addition, Revisorforeningen continues to support member awareness and technical competence in public sector reporting matters through its continuing professional development program and technical publications, including sessions that address public sector accounting developments and broader international reporting trends.

Revisorforeningen has demonstrated an established and ongoing process to support public sector accounting dialogue and promote alignment with international standards within the limits of its mandate. Accordingly, the Statement of Membership Obligation 5 (SMO 5) fulfillment status remains Sustain.

Current Status: Sustain

In Norway, the Financial Supervisory Authority of Norway (FSA) has the legal authority to establish and operate the jurisdiction’s investigation and discipline (I&D) system for statutory auditors and audit firms. The I&D system is established under the Financial Supervision Act and the Auditors Act of 2020 and is aligned with the key elements of Statement of Membership Obligation 6 (SMO 6).

The Norwegian Institute of Public Accountants (Revisorforeningen) does not have direct regulatory authority in this area; however, it continues to closely cooperate with the FSA to support effective enforcement of audit quality and statutory requirements.

Revisorforeningen performs quality assurance (QA) reviews of its members and statutory auditors conducting audits of non-public interest entities. As part of this process, the institute maintains an established and ongoing mechanism to report significant findings and cases of suspected non-compliance to the FSA, particularly where withdrawal of authorization, sanctions, or further regulatory investigation may be warranted.

Recent reporting by Finanstilsynet confirms that the I&D framework remains active and operational in practice, including decisions involving revocation of authorizations and administrative fines for statutory auditors and audit firms. This supports the effectiveness of the overall enforcement framework.

Revisorforeningen also supports member awareness and prevention through training, technical guidance, and communication of inspection findings and recurring quality issues identified through the QA process.

Revisorforeningen has demonstrated an established and ongoing process to support the jurisdiction’s I&D framework and to maintain alignment with its SMO 6 obligations within the limits of its mandate. Accordingly, the SMO 6 fulfillment status remains Sustain.

Current Status: Sustain

Through the European Economic Area (EEA) framework, Norway applies Regulation (EC) No. 1606/2002 on the application of International Financial Reporting Standards (IFRS). Listed companies are required to prepare consolidated financial statements in accordance with IFRS, while banks, insurance undertakings, and other credit institutions are also required to apply IFRS in accordance with applicable legal requirements. Other entities may elect to apply IFRS. Entities not applying IFRS prepare financial statements in accordance with Norwegian Generally Accepted Accounting Principles (Norwegian GAAP).

The Norwegian Institute of Public Accountants (Revisorforeningen) continues to play an active role in the development and implementation of financial reporting standards in Norway. Revisorforeningen is represented in the work of the Norwegian Accounting Standards Board (NASB) and contributes technical expertise through board and committee participation in support of the development and maintenance of Norwegian GAAP.

Revisorforeningen continues to monitor developments in IFRS and related International Accounting Standards Board (IASB) pronouncements, as well as relevant European Union (EU) legislative developments affecting financial reporting in Norway. The institute supports the national implementation process through technical input, public consultations, and ongoing dialogue with standard setters and regulators.

To support its members, Revisorforeningen provides regular training, conferences, technical guidance, newsletters, and implementation resources on IFRS, sustainability reporting developments, and evolving reporting requirements. Recent activities have also included support related to the European Sustainability Reporting Standards (ESRS) and assurance implications arising from sustainability disclosures, which are increasingly relevant for members applying IFRS and related reporting frameworks.

Revisorforeningen also contributes to exposure drafts and consultation papers issued by the IASB through its collaboration with NASB, Accountancy Europe, and other professional networks.

The IFRS for Small and Medium-sized Entities (IFRS for SMEs) has not been adopted in Norway. Revisorforeningen continues to support dialogue on proportionate reporting frameworks for smaller entities within the Norwegian GAAP environment.

Revisorforeningen has demonstrated an established and ongoing process to support adoption and implementation of IFRS and related pronouncements and to maintain alignment with its Statement of Membership Obligation 7 (SMO 7) obligations. Accordingly, the SMO 7 fulfillment status remains Sustain.

Current Status: Sustain