If the company has an auditor, the auditor must be approved by the Financial Supervisory Authority of Norway.
Annual accounts and other mandatory accounts, annual reports and auditors’ reports shall be stored in Norway for five years after the end of the financial year. The documents may be stored electronically in Norway, Denmark, Finland, Iceland or Sweden. If the documents should be electronically stored outside of the Nordics, an application to the Norwegian Tax Authorities is required.
The accounting materials shall be available in a readable format and shall be capable of being printed on paper in Norway throughout the storage period.
A company which is required to have an auditor is also required to annually hold a meeting between the company's board of directors and the company's auditor, where they shall address material accounting matters and other matters which the auditor considers important for the board of directors to be informed about. In this meeting, the company's general manager or other members of the day-to-day management shall not participate (including board members who are also part of the company's day-to-day management, except a company where the majority of the company's board of directors consists of members of the day-to-day management – however so that the general manager in no cases shall be allowed to participate).
Private LLCs
For private LLCs, it is not an absolute requirement to have an auditor if (i) the company's operating income is less than NOK6 million, (ii) the company's balance sum is less than NOK23 million and (iii) the company on average has fewer than 10 full-time equivalent employees. If an auditor is elected, a declaration of willingness from the auditor must be attached to the filing.
Public LLCs
Public LLCs are obligated to have an auditor.
Partnerships with unlimited liability
For partnerships with unlimited liability, it is not an absolute requirement to have an auditor if (i) the company's operating income is less than NOK6 million, (ii) the company's balance sum is less than NOK23 million and (iii) the company on average has fewer than 10 full-time equivalent employees. If an auditor is elected, a declaration of willingness from the auditor must be attached to the filing.