Regulatory Alerts2024-12-05
Order on the Financial Supervisory Authority's Certification of State-Authorized Auditors
The Danish Financial Supervisory Authority (Finanstilsynet) issues this order to establish mandatory certification requirements for state-audited auditors signing annual reports for financial institutions and insurance companies. The regulation defines specific eligibility criteria, including minimum billable hours, specialized continuing education, and clean disciplinary records, while outlining the application process and a 60-day assessment period. It further details the conditions for maintaining certification, the authority's power to revoke certification for non-compliance or misconduct, and associated penalties for violations.
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