Auditor & Audit Committee

With the introduction of the EU Audit Directive and the Audit Regulation into Norwegian legislation, the requirements for both the role of the auditor and the responsibilities of audit committees have increased in scope. Open and effective communication between management, the auditor, and the audit committee is a prerequisite for an efficient financial reporting process. We can assist both the audit committee and management in defining roles, preparing instructions, processes, and documentation.

Our consultants have practical experience in audit work and can support your communication with external auditors. Often, auditors require thorough assessments of transactions and estimates, which can be both time-consuming and complex. We can ensure that the auditor is provided with sufficient and accurate documentation, so that preferred accounting solutions are accepted.

The Financial Supervisory Authority (Finanstilsynet) now also has an expanded oversight role regarding the work of audit committees, and is responsible for ensuring that companies comply with regulations regarding the requirement to have an audit committee, the audit committee's tasks, the selection of auditors, and the duration of the audit engagement, in addition to monitoring annual financial statements and prospectuses. If you need assistance in communicating with the Financial Supervisory Authority, we can help with that as well.