Public Accountants/Auditors
The Norwegian accountancy profession is traditionally a profession of auditors. The profession comprises two categories of qualified auditors, here called public accountants, namely the "statsautorisert revisor" (the state authorised public accountant) and the "registrert revisor" (the registered public accountant), two tiers within the same qualification system.
The titles "statsautorisert revisor" and "registrert revisor" are protected by the Auditing and Auditors Act of 1999.
The Norwegian public accountants are, by definition, persons who are authorised by a Govermental Agency (the FSA of Norway), to perform statutory audits, and who in this capacity observe the principles of independence and personal professional liability.
Authorisation of Public accountants
In Norway, there are two categories of public accountants – registered public accountant and state authorised public accountants. Both categories fully comply with the requirements set forth in the eighth EC Directive on Company Law (audit directive).
A registered public accountant has completed a Bachelor in Auditing at regional colleges or at Handelshøyskolen BI [the Norwegian School of Management BI]. There are 13 regional colleges that offer this education. All candidates need 3 years of relevant practical training prior to applying to be a registered public accountant.
A state authorised public accountant holds the highest degree and competence in auditing and accounting in Norway. Candidates have to complete a Masters of Science in Auditing at Norges Handelshøyskole (NHH) [the Norwegian School of Economics and Business Administration] in Bergen or at Handelshøyskolen BI (Norwegian School of Management) in Oslo, and have to pass the examination with a first class result. Admission to the Master of Science programme requires either licence as registered public accountant, a Bachelor in Auditing or Business, or a Master in law or economics. The practice requirement is three years of relevant practice.
Firms of public accountants have to be listed in a register of audit firms in the FSA of Norway. An audit firm may be appointed auditor of a client in the same way as an individual public accountant. The audit firms must be organised as companies or partnerships.
Authorisation or registration is not revoked merely because the individual is no longer practising in the profession. The "Finanstilsynet" has the power of taking disciplinary action against accountants.
To be authorised as a public accountant, the following requirements must be met:
be a person with an unblemished record
be able to pay his obligations when due
be capable of managing his own affairs
has a Bachelor in Auditing (registered public accountant),
or a Master of Science in Auditing (state authorised public accountant).
has a minimum of three years of varied audit practice within the European Economic Area
has passed a test of practical ability after the practice period
Norway has also a profession of professional book-keepers (“autorisert regnskapsfører”). They are also referred to as a profession of accountants. An “autorisert regnskapsfører” is not allowed to deliver statutory auditing services, but can provide book-keeping services and prepare the financial statements for clients.