Accountancy in Norway

>> Audit Requirements in Norway

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

  1. Balance sheet value of less than NOK 20 million
  2. Average number of employees equal to or less than 10

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.


Latest version updated 20th December 2017

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