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NorwayFinanstilsynet

Finanstilsynet fines Stiansen & Co NOK 1.2m for gross audit breaches

Stiansen & Co must pay NOK 1.2 million and report quality fixes by 15 September 2027 after Finanstilsynet found pervasive audit failures.

By Taxxa AI OyPublished 11 November 2026

Audit

Industry: Accounting, bookkeeping and auditing activities; tax consultancy

Finanstilsynet has imposed a NOK 1,200,000 overtredelsesgebyr on Stiansen & Co ASFinanstilsynet for gross breaches of the revisorlovenFinanstilsynet.

The decision of 2 November 2026 follows meetings from 4 May to 16 June 2026 in which Finanstilsynet reviewed eight audit engagements, referred to as A to H, in full or in part. Six of the seven engagements assessed lacked sufficient and appropriate audit evidence for central accounting itemsFinanstilsynet, and the firm showed pervasive shortcomings in auditing estimates, related-party transactions and the going-concern assumptionFinanstilsynet.

In one engagement, covering annual accounts for 2022 and 2023, the auditor had not assessed risk, planned the audit or obtained audit evidenceFinanstilsynet, had no documented understanding of the business, and did not assess whether its operations were lawful despite a Lotteritilsynet order to cease activity in Norway and a subsequent report for unlawful pyramid operations. Finanstilsynet treats that audit as in substance not performedFinanstilsynet.

In other engagements Finanstilsynet found reliance on management representations without further procedures, share prices in own issues used alone as evidence for subsidiary values and intangible assets, revenue under percentage-of-completion recognised without any basis for stage of completion, cost samples with private-expenditure indicators left undocumented, and a 20 per cent loan from the board chair signed on both sides without any arm-length assessment.

The firm had been criticised on the same areas in a 2025 inspection. Its annual cyclical engagement control, in which each engagement partner selects one completed engagement and which returned approved for every engagement checked in 2023 and 2024, had not detected gross breaches in three engagements Finanstilsynet re-examined. Remedial checklists introduced from June 2025 had not been used or had not corrected the weaknesses.

The fine rests on breaches of revisorloven section 7-1 fifth paragraph and sections 9-4 first, third and fourth paragraphs, 9-5 first paragraph, 9-6 and 9-9 first paragraphFinanstilsynet. Finanstilsynet rejected the argument that section 14-5 caps the fine at 2 per cent of turnoverFinanstilsynet, holding that the maximum for firms is NOK 10 million or up to 2 per cent of total annual turnover. With 2025 turnover of NOK 46.19 million, the NOK 1.2 million fine was set to deprive the firm of savings from omitted procedures and to deter.

Stiansen & Co must evaluate its implemented and planned measures, including external annual engagement controls and new audit toolsFinanstilsynet, and send the results to Finanstilsynet as soon as available and by 15 September 2027 at the latestFinanstilsynet, with detailed results of the cyclical controls for 2025 and 2026. The firm may appeal within three weeks after receiptFinanstilsynet; Finanstilsynsklagenemnda decides appeals.

Legal basis is Lov om revisjon og revisorer (revisorloven) sections 7-1, 9-4, 9-5, 9-6, 9-9, 14-5 and 14-6.

Audit firms should review their cyclical engagement controls and quality-system follow-up against these findings, and Stiansen & Co must file its evaluation by 15 September 2027 and decide promptly whether to appeal.

Sources