Audit Requirement: Which Companies Need an Auditor?

The audit requirement means that the annual financial statements must be audited by an approved auditor. The auditor examines whether the financial statements have been prepared in accordance with the requirements and issues an independent audit report.

Who needs an auditor?

The main rules depend on the form of organisation, size, business activity, and specific regulations. Small limited companies (aksjeselskap – a type of private limited company) may, under certain conditions, opt out of auditing if they are below the current thresholds for operating income, balance sheet total, and employees. These thresholds can change, and group relationships may affect the assessment.

Opting out requires a correct company decision and registration before it takes effect. Some enterprises are subject to the audit requirement regardless of size due to their industry or public regulation.

What does audit status mean for others?

Audited financial statements provide an additional level of control but are no guarantee against errors, fraud, or financial problems. A lawful opt-out also does not mean that the financial statements are poor. Review the status together with the financial statements, accountant, history, and risks.

The audit report may contain qualifications or clarifications that are important. Read it when considering major credit or supplier agreements.

Auditing on Proffi

Proffi should display the registered auditor, whether the company has opted out of auditing, and the available audit report with the financial year. Do not present "no auditor" as a discrepancy until it has been checked whether the company has lawfully opted out of auditing.