Trust requires transparency

In the Norwegian society, trust is generally high, but this is not to be taken for granted. Trust requires transparency, and transparency is demanding. We are an open and trusting society because the participants cooperate and consider transparency to be important. BDO constitutes a small, but important part of this structure, a fact that makes us proud. .

More than 40 000 Norwegian companies, public enterprises, municipalities and foundations cooperate with BDO. By certifying that the information our clients present to the outside world can be trusted, we meet our role as society’s trustees. We shall also help our clients to reach their goals, strategic as well as operational. We shall attend to our social responsibility, but also assist and contribute to value creation. This implies a heavy responsibility for BDO and each of our more than 1 800 employees.

Adequate competence and capacity are required to meet this responsibility. Thorough recruitment processes to find the best candidates are important, but just as crucial is how we ensure that those already working in BDO feel comfortable in an inclusive working environment with exciting tasks and personal development. Our goal is that all those working in BDO shall be equally treated and with respect. Our employee promise also confirms that in BDO, you become part of a community characterised by genuine engagement and high competence. This shall be noted by both employees, enterprises and local communities.

Large parts of the business community have recently increased attention as well as communicating information on the efforts carried out within sustainability and ESG (environmental, social and business ethical matters). Positive attention has now turned to seriousness. A well-balanced and relevant reporting contributes to create more transparency on how sustainability is part of corporate management. The need for independent confirmations of this type of information is strongly increasing, and we expect that this development will be intensified in the time to come. The development has been driven forward by requirements from clients and employees. Businesses not operating sustainably will lose in the long run. This is a development we want and are prepared for. We already assist a number of our clients in increasing their consciousness and change in order to succeed in the future. We also take our part of the responsibility and have chosen four sustainability goals for which we in BDO will concentrate our efforts.

Society’s requirements and expectations to us as a profession are increasing, and our mandate is closely followed up by the authorities. In order to secure quality and trust, the requirements are stricter than ever. The new Norwegian Act on Audit and Auditors came into effect on 1 January 2021. It increases the obligations for both the businesses’ management and us as auditors. In addition, the «International Standard on Quality Management», ISQ1, becomes effective from December 2022. The updated standard implies that all audit firms must upgrade their systems for quality control. The most important demands are nevertheless those that we make of ourselves concerning each employee’s objectivity and integrity, including ensuring compliance with the established controls that we have implemented.

BDO has invested heavily in new technological solutions that shall simplify the working day for both clients and employees. When the routine tasks are automated, our employees have more time to talk with our clients about challenges and needs. An effective use of technology contributes to increase quality and maintain trust.

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