The Institute of State Authorized Public Accountants in Iceland

The Institute of State Authorized Public Accountants in Iceland (FLE) was established 16th of July 1935 in Reykjavik and is the only professional body of auditors in the country. Membership is mandatory to authorized public accountants according to law.

From the beginning, the purpose of the FLE has been to strengthen the cooperation between Icelandic state authorized public accountants for common interests and to maintain and improve the standard and reputation of the Icelandic audit profession. FLE is also responsible for professional ethics and issuing of auditing guidelines.

FLE´s board
At FLE´s (The Institute of State Authorized Public Accountants in Iceland)  General Meeting in Reykjavik, October 28th 2016 a new board was appointed for the Institute as follows: 



Ms. Margrét Petursdóttir Ernst & Young ehf.

Vice President                           

Mr. H. Ágúst Jóhannesson, KPMG

Member of the board              

Ms. Sif Jónsdóttir, Deloitte ehf.

Member of the board              

Ms. Ljósbra Baldursdóttir, PricewaterhouseCooper

Member of the board              

Mr. Guðni Þór Gunnarsson, Íslensk endurskoðun

FLE´s President 

Margrét Pétursdóttir is the president of the board. She was born in Reykjavik in 1968. She graduated from The University of Iceland with a Cand. oecon. degree 1999 and was licenced as an authorized accountant in 2003. She started her carrier at The Accountant firm Skólavörðustíg 12 ltd 1998-2001 and Moore Stephens accounting ltd 2001-2002. From the year 2002 she has worked as an authorized accountant at Ernst & Young.

Margrét has been active at the Institute of Authorized Accountants in Iceland as a member and for the last two years he has been a vice-president of the Institute´s board. If you need to contact her you can send e-mail to:


Sigurður B. Arnþórsson is FLE´s CEO since 2009. He was authorized as an public accountant in 1982. He can be reached by phone: +354 568 2704 /GSM +354 894 8110 and E-mail: 

To qualify

To qualify  as a state authorized public accountant in Iceland, according to Law on auditors No. 79/2008, (English translation) an individual must:  

  1. Have a permanent residence in Iceland or be a citizen of EES, EFTA or Faroe Islands
  2. Be of legal age and have had a continuous statutory for the last three years
  3. Have immaculate reputation as defined for being eligible as a member of parliament
  4. Have completed a master degree in auditing and accounting from an university approved by the Audit Oversight Board
  5. Pass a comprehensive  examination conducted by the Audit Oversight Board
  6. Conduct a minimal of three years relevant work under the supervision of an accountant, working with auditing and accounting, within an audit firm 

All inquires regarding the authorization should be sent to Mr. Jon Arnar Baldurs (

Individuals that have qualified as state authorized public accountants become mandatory members of FLE. Today the total membership is around 370.

A large number of accounting firms operate in Iceland and most of the major international accounting firms have member firms or representative firms in the country.

The office of the Institute is open Mondays to Fridays from 9:00-15:00.
If you would like some further information on the Institute or its members please contact us.

Tel. +354 568 8118

The Institute of State Authorized Public Accountants in Iceland (FLE)
Félag löggiltra endurskoðenda - FLE
Suðurlandsbraut 6
108 Reykjavík

Click here to look up offices of individual accounting firms.

Click here to look up individual members of the FLE.