For reference, every company, regardless of the type of activity, whether AS/ NUF/ ENK/ ANS/ DA as per Aksjeloven § 7-6, must appoint an auditor if they exceed at least one of the following limits.
New regulations have been introduced, effective from May 1, 2023, raising the threshold for the year 2023:
Operating revenues exceed 6 million NOK to 7 million NOK.
The balance sheet displays assets above 23 million to 27 million.
The average number of employees exceeds 10 full-time workers.
This means the revised limit will essentially start from January 1, 2024, as only in 2024 can we make the annual declaration for 2023.
In cases where the limit is exceeded and a company needs to undergo an audit, the requirement starts in the following fiscal year.
Example: If a company exceeded the limit in 2022, the audit will cover the annual statement for the year 2023, which will be prepared by the end of May 2024.
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