Supervision of external accounting services
Cornelius Häusler, Dato: 02.03.2005

Kredittilsynet (The Financial Supervisory Authority of Norway) is regulating all practice of external accounting in Norway.

Kredittilsynet’s tasks in relation to external accounting services comprise authorisation of individuals and firms in accordance with the legal requirements applying to this occupational group as well as registration and supervision. Supervision encompasses entities listed in the register of external accountants and includes checking that their activities comply with laws and regulations, and are conducted in an appropriate and satisfactory manner.

Information on the scheme for authorisation of external accountants, administered by Kredittilsynet

Authorisation of individuals

The Authorisation of External Accountants Act regulates firms that provide accounting services for others on a commercial basis. Licensed external accountants need a higher qualification in economics equivalent to at least two years’ full-time higher education including in-depth study, as specified in pertinent regulations, in the fields of accounting, tax law, business economics and legal theory and method. Qualifications from a foreign university or college may be accepted, but the exams in tax law and jurisprudence must be taken in Norway. The equivalent of two years’ relevant work experience (3,400 hours) during the five years prior to the date of application is also required. This work experience must have been acquired in Norway. External accountants must have their permanent place of business in Norway, be resident in an EEA State, be financially trustworthy and of good character.

Authorisation is granted for five years. In order to maintain and renew an authorisation, an external accountant is required to attend 16 days of professional post-educational training within areas specified in pertinent regulations. Moreover, external accountants are expected to undertake at least 2,000 hours of professional work during the authorisation period.

Authorisation of firms

Firms are subject to an independent authorisation requirement and must apply to Kredittilsynet for listing in the register of external accountants. A firm achieves authorisation by virtue of its general manager being an authorised external accountant. Alternatively another authorised external accountant employed in the firm may be assigned responsibility for the external accountancy business. Firms are required to have their permanent place of business in Norway and to be financially trustworthy.