Statutory Audit

Statutory audits are required for Norwegian companies and other enterprises above certain size limits. Smaller companies under defined thresholds may decide not to have an external audit.

The following companies are subject to statutory audits:

  • Private limited companies. Small private limited companies not exceeding the following thresholds may opt out:

    • Operating income NOK 7 million,
    • balance sheet total NOK 27 million and
    • Average number of 10 employees.

  • All public limited companies
  • Branches of foreign companies if the operating income exceeds NOK 6 million
  • Partnerships if the operating income exceeds NOK 6 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 6 million.