GAPP Principle 12

The SWF’s operations and financial statements should be audited annually in accordance with recognised international or national auditing standards in a consistent manner.

Status: Implemented

The Supervisory Council of Norges Bank appoints the external auditor. Norges Bank (and the GPFG accounts, see response to principle 1 and 10) is currently being audited by Ernst & Young. The financial statements are regulated by the Norwegian Accounting Act and Regulation on Financial Reporting at Norges Bank. See response to principle 11 for further information.

Sources: Norges Bank Act, Regulation on Financial Reporting.