As of May 2011, the former general obligation to have an elected state authorized or registered auditor has been amended for smaller companies. Audition of the accounts is no longer required provided the operational income of the company is less than NOK 5.000.000, that its total balance amount is less than NOK 20.000.000 and the average number of employees does not exceed 10 full-time employees.

In such cases, the general meeting may authorize the board of directors to decide that the company’s annual account is not to be audited.

The purpose of the changes is to reduce the operational costs of small companies and to simplify the day-to-day activities of such companies. One step in this direction is the changes in the audition requirements.


Hans Chr. Steenstrup