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In Norway, there are many small and large associations and foundations that are self-governing institutions, and most of them have an ideal and universal purpose. The assets managed can be significant, and some associations and foundations operate in business in addition to focusing on the purpose. Foundations have a duty of auditing irrespective of size, while associations are subject to auditing when the turnover exceeds five million. Many associations still have statutory requirements for external auditing.
We have extensive experience in auditing associations and foundations, including the certification of various grant programs. We serve as auditors for several large labor organizations, as well as numerous associations and foundations with charitable and philanthropic purposes. Foundations are governed by the Foundation Act and the Foundation Authority, while associations are less regulated, with their statutes being crucial for defining purposes and operations, members' rights, board composition, auditing, etc. Many associations have boards composed of volunteers, which can make it challenging for board members to navigate the applicable laws and regulations concerning accounting, taxation, and duties. As auditors, we can assist both foundations and associations with our experience and expertise in current laws and regulations related to accounting, taxation, and duties.
- Choice of corporate structure
- Tax and duty assessments during operations
- Assistance with transitioning from account-based accounting to activity-based accounting
- Certification of various grants
