Regulatory Alerts2021-12-21
Guidance on Auditor Acceptance and Continuance of Audit Engagements
The Norwegian Financial Supervisory Authority issued this guidance to clarify the legal obligations of auditors regarding the acceptance and continuance of audit engagements under the Auditor Act. The document mandates rigorous risk management, quality control, and specific procedures for communicating with predecessor auditors to ensure audits are only undertaken when appropriate. It further details the strict requirements for auditor withdrawal when illegal acts are not rectified and outlines procedures for transferring engagements during firm mergers.
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