Statutory Audit
Audit is to a large extent mandatory in Norway.
The general rule is found in the Auditing and Auditors’ Act of 1999 which states that anyone subject to issue financial statements according to the Accounting Act is also subject to statutory audit. The Audit and Auditors Act lists some exemptions. The following companies are subject to statutory audit:
- All private and public limited companies
- Branches of foreign companies if the turnover exceeds NOK 5 million
- Partnerships if the turnover 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 turnover in addition exceed NOK 5 million.
