Exemptions apply to most small companies. The following companies are subject to statutory audit:

• Private limited companies. Small private limited companies can choose not to have their annual accounts audited (opting out). Companies not exceeding any of these thresholds can opt out: Operating income NOK 5 million, balance sheet total NOK 20 million and average number of employees 10 man years. Opting out requires both a qualified majority vote by the general assembly and a decision by the company’s board of directors. Small parent companies cannot opt out.
• All public limited companies
• Branches of foreign companies if the operating income exceeds NOK 5 million
• Partnerships if the operating income exceeds NOK 5 million or there are more than five partners. Limited partnerships where the general partner is a legal entity with limited liability are also subject to statutory audit.
• Sole proprietors if their assets exceed NOK 20 million or if they have more than 20 employees, and the operating income in addition exceeds NOK 5 million.