Waiving audit

The waiving of audit is not made operative before it is registered in the Register of Business Enterprises.

You must submit the annual accounts even if they are not to be audited.

Your company can choose not to have an auditor if

• the operating revenues are less than NOK 7 million
• the balance sheet total is less than NOK 27 million
• the average number of employees does not exceed 10 man-years

If the company does not want to audit the annual accounts until the first annual accounts have been adopted, the capital contributions in connection with the foundation must be less than NOK 27 million.

You cannot choose to waive the audit if the company

• runs a pharmacy or a lawyer’s practice
• is approved as an assistant pursuant to the gaming scheme regulations
• is a parent company in a group and the entire corporate group has
  • an operating revenue of NOK 7 million or more
  • a balance sheet total of NOK 27 million or more, or
  • more than 10 man-years
• is supervised by the Financial Supervisory Authority of Norway
• is subject to statutory audit by the tax authorities

If the company is to have an auditor, the auditor must be elected at the meeting of incorporation or in the general meeting.

What to do if the company no longer has an auditor

In order to report waive of audit for a company that already has an auditor, you need to enclose minutes from this years general meeting showing the decision to waive the audit. If last year’s annual accounts have not yet been submitted to the Register of Accounts, you must also attach minutes from the general meeting showing that it has been adopted. You submit the form Coordinated register notification to report the waive of audit.

Deadline for notification of waive of audit

The general meeting can by a majority vote, as for amendment of the articles of association, decide that the company’s annual accounts for the current financial year or later do not have to be audited. Then you must immediately submit a notification about waiving audit to the Register of Business Enterprises. We must receive the notification a few days after the decision has been made at the general meeting. Companies which have decided to waive audit before the end of the year, must notify us about this. The notification must be received by us no later than the end of January the following year. It is only when the waiving is registered that it can be made operative.