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 5 million,
- balance sheet total NOK 20 million and
- Average number of 10 employees.
- All public limited companies
- Branches of foreign companies if the operating income exceeds NOK 5 million
- Partnerships if the operating income exceeds NOK 5 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 5 million.