A new law on audit requirements was enacted May 1st, 2011. The new regulation implies significant changes for limited liability companies (AS).
Henceforth, companies may be exempted from the statutory annual audit when all the following requirements are satisfied: 1. Revenues less than NOK 5 million
All ASA companies (including all exchangetraded firms) are still required to have an annual audit. There are thresholds for audit requirement for other legal forms.