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Small private limited companies can opt not to be audited.

To be able to opt out of the audit obligation, a limited company must fulfil the following three conditions:

  • The company's operating revenues must amount to less than NOK 5 million.
  • The company's balance sheet total must be less than NOK 20 million.
  • The company's employees must not correspond to more than 10 full-time equivalents.

Authority for the board of directors

Private limited companies wishing to exercise the option to opt out of audits must ensure that their general meeting authorise the board to decide that the annual accounts should not be audited. The company must notify the Register of Business Enterprises when the board of directors has decided to opt out of audits.

Norwegian-registered foreign enterprises (NUFs) with limited liability are deemed equivalent

Norwegian private limited companies and NUFs are deemed equivalent as regards audit requirements. If a taxpayer’s annual accounts are prepared in breach of the Accounting Act or the Bookkeeping Act, or recommended accounting or bookkeeping practice, the tax authorities may require one or more sets of annual accounts to be audited by a registered or state-authorised auditor.

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