Overview
This webinar covers key legal and professional requirements for accounting firms in Norway, including organization, confidentiality, quality management, IT use, risk control, and anti-money laundering regulations.
Legal Requirements for Organization
- Accounting firms must organize their operations in compliance with Norwegian law.
- Proper organization ensures accountability, documentation, and adherence to professional standards.
- Roles and responsibilities must be clearly defined within the firm.
Confidentiality Obligations (Taushetsplikten)
- Employees are required to maintain client confidentiality at all times.
- Breach of confidentiality can lead to legal and professional consequences.
- Only authorized sharing of information is permitted by law.
GRFS 2.1 Quality Management
- GRFS 2.1 sets standards for quality control within accounting firms.
- Firms must establish quality management systems to ensure accuracy and reliability in service delivery.
- Regular internal reviews are required to monitor compliance with quality standards.
Use of IT Systems (GRFS 2.3)
- Accounting firms must use secure and reliable IT systems for assignment execution.
- IT systems should support confidentiality, integrity, and availability of client data.
- Periodic assessment of IT risks and system functionality is mandatory.
Regulation on Risk Management and Internal Control
- Firms must implement systematic risk management and robust internal control mechanisms.
- Risk assessments help identify, analyze, and mitigate potential threats to compliance and operations.
- Documentation of risk management processes is obligatory.
Anti-Money Laundering Law (Hvitvaskingsloven)
- Accounting firms are subject to strict anti-money laundering (AML) rules and monitoring.
- Firms must conduct customer due diligence and report suspicious activities.
- Ongoing training in AML requirements is necessary for all relevant employees.
Key Terms & Definitions
- Taushetsplikten — The professional duty of confidentiality regarding client information.
- GRFS — Norwegian standards for good accounting practice in accounting firms.
- Hvitvaskingsloven — Norwegian Anti-Money Laundering Act regulating financial crime prevention.
Action Items / Next Steps
- Review the latest GRFS standards and ensure internal procedures are up to date.
- Complete any assigned readings or exercises on confidentiality and AML compliance.
- Prepare for discussion on risk management systems in the next class.