Changes in Norges Bank’s accounting and auditing system

In June 2009, the Storting adopted amendments to the Norges Bank Act including changes in the accounting and auditing system. Under the amendments, which came into force on 1 January 2010, Central Bank Audit is to be replaced by a selected external auditor. Certain clarifications of the Supervisory Council and Executive Board’s responsibilities for supervision and control also came into effect.

At their meeting in December 2009, the Supervisory Council appointed Deloitte AS as Norges Bank’s external auditor. Deloitte will formally begin in conjunction with the Supervisory Council’s meeting on 6 May 2010 and will audit Norges Bank’s annual accounts as from 2010. Central Bank Audit will be the responsible auditor in the Bank until this date and will audit the Bank’s annual accounts for 2009.

A new statutory secretariat for the Supervisory Council has also been established. The secretariat shall take over and develop supervisory tasks for which Central Bank Audit is currently responsible, organise the Supervisory Council’s activities and have the administrative responsibility for the agreement with the external auditor.

The entry into force of new accounting rules requires a separate regulation, which is currently under preparation, and the rules are expected to come into effect on 1 January 2011.