Norwegian Auditor Practical Exam (Statsautorisert revisor) study plan
Norwegian Auditor Practical Exam (Statsautorisert revisor) · Give each week a clear focus.
8 weeks · About 8 hours per week
Statutory audit methodology and audit process (planning, risk assessment, evidence, reporting)
Map the full statutory audit lifecycle from client acceptance through engagement letter, planning, risk assessment, evidence, and reporting, and write your own one-page flowchart of it.
Draft a risk assessment for a hypothetical Norwegian AS client by identifying inherent risks from revenue recognition, inventory valuation, and management override of controls.
Distinguish assertions at the class-of-transaction, account-balance, and disclosure level and assign at least two audit procedures to each assertion.
Set materiality for the hypothetical client using a benchmark (e.g. profit before tax), justify the percentage chosen, and define performance materiality and the clearly trivial threshold.
Your checkpoint
A 3-4 page planning memorandum for the hypothetical client containing materiality calculations, documented risks, and a procedure-to-assertion matrix.
Statutory audit methodology and audit process (planning, risk assessment, evidence, reporting) & Business analysis, internal control and IT audit
Design substantive and test-of-control procedures that respond to the risks identified in week 1, and state the evidence source for each.
Evaluate sampling approaches (statistical vs. non-statistical, attribute vs. monetary unit) and justify a sample size for a population of sales invoices.
Analyse a described internal control environment over the purchase-to-pay cycle, identify three design deficiencies, and propose remediation.
Explain how IT general controls (access management, change management, IT operations) affect reliance on automated controls and produce a short IT reliance memo.
Your checkpoint
An audit programme covering revenue, receivables, and purchases with linked controls, sample sizes, and evidence sources, plus a one-page IT controls assessment.
Financial reporting and accounting standards (IFRS and Norwegian GAAP)
Compare IFRS and Norwegian GAAP (regnskapsloven and NRS) on revenue recognition, leases, and financial instruments, and tabulate the key differences.
Apply IFRS 15's five-step model to a multi-element contract and compute the revenue allocation.
Compute lease liabilities and right-of-use assets under IFRS 16 for a simple fact pattern and explain the Norwegian GAAP alternative for a small entity.
Identify the audit procedures needed to test each of the above accounting areas and the common misstatement patterns.
Your checkpoint
A comparison table of IFRS vs. Norwegian GAAP across at least six topics, with worked numerical examples for IFRS 15 and IFRS 16.
Financial reporting and accounting standards (IFRS and Norwegian GAAP) & Statutory audit methodology and audit process (planning, risk assessment, evidence, reporting)
Apply IAS 36 impairment testing and IAS 37 provisions to a fact pattern, and document the audit challenge points for management's assumptions.
Evaluate going-concern assessment under ISA 570 by analysing cash-flow forecasts and identifying indicators of doubt.
Draft the key audit matters or emphasis-of-matter paragraphs appropriate to the fact pattern and justify inclusion.
Review a set of financial statements for disclosure completeness against IFRS and Norwegian presentation requirements.
Your checkpoint
A mock audit report with an opinion, key audit matters, and going-concern paragraph, plus a disclosure checklist marked complete or deficient.
Professional ethics, independence and auditor regulation & Company law, corporate governance and board/management responsibilities
Apply the independence rules (including the Norwegian revisorloven and IESBA Code) to at least five scenarios such as non-audit services, fee dependence, and long association.
Identify threats and safeguards for each scenario and document a conclusion on whether independence is compromised.
Explain board and management responsibilities under the Norwegian Aksjeloven, including the board's oversight of financial reporting and the management commentary.
Analyse corporate governance failures in a described case and link them to auditor responsibilities and communication with those charged with governance.
Your checkpoint
An independence assessment file covering five scenarios with documented conclusions, plus a one-page governance responsibility map.
Tax law and tax reporting implications for audit engagements
Map the tax reporting cycle for a Norwegian AS, including tax return deadlines, skattemelding preparation, and the auditor's role in tax-related assertions.
Compute taxable income from accounting profit by adjusting for permanent and temporary differences, and explain deferred tax recognition under IAS 12.
Identify audit procedures for tax provisions, VAT treatment, and withholding tax obligations on salaries and benefits.
Assess the audit implications of tax-related misstatements and the communication required to the board.
Your checkpoint
A tax reconciliation worksheet from accounting profit to taxable income with deferred tax calculation, plus a list of tax-related audit procedures.
Audit quality management, documentation and reporting to authorities & Statutory audit methodology and audit process (planning, risk assessment, evidence, reporting)
Design an audit quality management system under ISQM 1, covering risk assessment, monitoring, and remediation.
Assemble a compliant audit file demonstrating documentation sufficiency under ISA 230, including the assembly and retention timeline.
Explain the reporting obligations to Finanstilsynet and the revisorregister, and the consequences of non-compliance.
Prepare an engagement quality review checklist and apply it to the week 4 mock report.
Your checkpoint
A quality management framework summary and a completed engagement quality review checklist applied to the mock audit report.
Statutory audit methodology and audit process (planning, risk assessment, evidence, reporting) & Financial reporting and accounting standards (IFRS and Norwegian GAAP) & Professional ethics, independence and auditor regulation
Synthesise all domains by working through two full integrated case studies under time pressure.
Self-assess weak areas from weeks 1-7 and rebuild a condensed revision sheet for each weak domain.
Practise written communication by drafting a management letter and a summary memo to those charged with governance.
Simulate an oral or written exam session and score your answers against a self-built rubric.
Your checkpoint
Two completed integrated case studies with self-scored rubrics and a one-page weak-area revision sheet per domain.
Milestones
Week 4: Complete a full mock audit report and planning file for the hypothetical client, scoring at least 70% on your self-built rubric covering materiality, risk response, and reporting.
Week 6: Pass a 40-question self-made quiz spanning domains 1-5 with at least 75% correct, and log any missed concepts for revision.
Week 8: Complete two timed integrated case studies and achieve at least 70% on each against your rubric, with all weak areas documented in revision sheets.