Everyone who is required to submit income statements under the Tax Assessment Act or turnover statements under the VAT Act is required to keep accounts under the Bookkeeping Act. Some enterprises are also required to prepare annual accounts based on the provisions of the Accounting Act. This concerns for example:
- All private and public limited companies
- Shared liability partnerships and limited partnerships With the exception of those whose sales revenues amount to less than NOK 5 million and who have fewer than five employees. An additional requirement is that there no more than number of partners.
- Sole proprietorships with total assets with a value exceeding NOK 20 million or more than 20 employees.
Enterprises that are obliged to prepare annual accounts are also obliged to appoint an auditor. However, exceptions apply for companies and sole proprietorships with operating revenues of less than NOK 5 million and fewer than five partners. Private limited companies can choose whether they want to be audited if the operating revenues are less than NOK 5 million, the balance is less than 20 million and the FTEs are less than 10.