What more can be done to mitigate future sovereign debt crises? Should borrowers be more or less responsible than lenders in ensuring rigorous standards and transparent practices in sovereign debt? Or does the onus fall equally on both? The answers to these questions have become increasingly important as sovereign debt-fueled economic crises within the last decade have revealed missteps on the part of both creditors and debtors. One could argue that the lack of documented, universally accepted principles for lending and borrowing increased the likelihood of these missteps. And that this lack of transparency hindered preemptive action, namely a rigorous auditing process of debt portfolios that could have precluded rescheduling and restructuring that resulted in disastrous economic, social, and political consequences. This paper from DTTL looks at examples from around the world, highlighting Deloitte’s experience working with audits of sovereign debt in Norway.