| Internal audit
|
(3) An institution may cause internal audits
to be conducted to assess compliance with
subsections (1) and (2).
|
|
| Financial
statements
|
(4) Each institution shall annually prepare
financial statements, in accordance with
generally accepted accounting principles, as
supplemented by any directions given by the
Minister under subsection (6).
|
|
| Form of
financial
statements
|
(5) The financial statements of an
institution shall be prepared in a form that
clearly sets out information according to the
major businesses or activities of the
institution.
|
|
| Directions
|
(6) The Minister may give directions
respecting the preparation of financial
statements, to supplement generally accepted
accounting principles.
|
|
| Annual
auditor's
report
|
118. (1) Each institution shall cause an
annual auditor's report to be prepared in
accordance with any directions of the
Minister, on
|
|
|
|
(a) its financial statements; and
|
|
|
|
(b) any quantitative information required to
be audited under subsection (3).
|
|
| Contents
|
(2) A report under subsection (1) shall
|
|
|
|
(a) include separate statements as to
whether in the auditor's opinion
|
|
|
|
(i) the financial statements are presented
fairly, in accordance with generally
accepted accounting principles, applied
on a basis consistent with that of the
preceding year,
|
|
|
|
(ii) the quantitative information is
accurate in all material respects and, if
applicable, was prepared on a basis
consistent with that of the preceding year,
and
|
|
|
|
(iii) the transactions of the institution that
have come to the auditor's notice in the
course of his or her examination for the
report were carried out in accordance
with this Act; and
|
|
|
|
(b) call attention to any other matter falling
within the scope of the auditor's
examination for the report that, in his or her
opinion, should be brought to the attention
of the institution or the Minister.
|
|
| Audit of
quantitative
information
|
(3) The Minister may require that any
quantitative information required to be
included in an institution's annual report
pursuant to paragraph (2)(a) be audited.
|
|
| Presentation
to Minister
|
(4) Each institution shall submit its audited
financial statements to the Minister at least 30
days before the day of its annual meeting.
|
|
| Special
examination
|
119. (1) Each institution shall, at least once
every five years and at any other time required
by its board of directors or by the Minister,
cause a special examination to be carried out
in respect of its operations to determine if the
books, records, systems and practices referred
to in section 117 were, in the period under
examination, maintained in a manner that met
the requirements of that section.
|
|
| Plan
|
(2) Before commencing a special
examination, an examiner shall survey the
systems and practices of the institution to be
examined and submit a plan for the
examination, including a statement of the
criteria to be applied in the examination, to the
audit committee of the institution.
|
|
| Resolution of
disagreements
|
(3) Any disagreement between the
examiner and the audit committee or board of
directors of an institution with respect to a
plan referred to in subsection (2) shall be
resolved by the Minister.
|
|
| Reliance on
internal audit
|
(4) An examiner shall, as far as is
practicable, rely on any internal audit
conducted pursuant to subsection 117(3) in
respect of the institution being examined.
|
|
| Report
|
120. (1) An examiner shall, on completion
of a special examination in respect of an
institution, submit a report on his or her
findings, and a summary of that report, to the
Minister and to the board of directors of the
institution.
|
|
| Contents
|
(2) The report of an examiner shall include
|
|
|
|
(a) a statement whether in the examiner's
opinion, having regard to the criteria
referred to in subsection 117(2), there is a
reasonable assurance that there are no
significant deficiencies in the systems and
practices examined; and
|
|
|
|
(b) a statement of the extent to which the
examiner relied on internal audits.
|
|
| Posting of
report
|
(3) An institution shall, as soon as possible
after receipt of an examiner's report, post a
summary of the report on an Internet website
maintained by the institution.
|
|
| Examiner
|
121. (1) Subject to subsection (2), a special
examination shall be carried out by the auditor
of the institution.
|
|
| Other auditor
|
(2) Where, in the opinion of the Minister, a
person other than the auditor of an institution
should carry out a special examination in
respect of the institution, the Minister may,
after consulting with the board of directors of
the institution, direct that the examination be
carried out by another auditor who is qualified
for the purpose.
|
|
| Consultation
with Auditor
General
|
122. The auditor or examiner of an
institution may at any time consult the Auditor
General of Canada on any matter relating to an
audit or special examination.
|
|
| Right to
information
|
123. (1) At the request of the auditor or
examiner of an institution, the present or
former commissioners, directors, officers,
employees or agents of the institution shall
provide any information and explanations,
and give access to any records, documents,
books, accounts and vouchers of the
institution that are under their control, that the
auditor or examiner considers necessary to
prepare a report required under this Act.
|
|
| Obligation to
inform
|
(2) Where a commissioner or director of an
institution does not have information or an
explanation requested by an auditor or
examiner under subsection (1), the
commissioner or director shall obtain the
information or explanation and provide it to
the auditor or examiner.
|
|
| Restriction
|
124. Nothing in this Part or in any directions
of the Minister shall be construed as
authorizing the auditor or examiner of an
institution to express any opinion on the
merits of matters of policy, including the
merits of
|
|
|
|
(a) the objects or purposes for which the
institution was established or the
restrictions on the businesses or activities
that it may carry on, as set out in this Act;
or
|
|
|
|
(b) any business or policy decision of the
institution.
|
|
| Qualified
privilege
|
125. An oral or written statement or report
made under this Part by an auditor or examiner
has qualified privilege.
|
|
| Audit
committee
|
126. (1) Each institution shall establish an
audit committee composed of not less than
three commissioners or directors who are not
officers of the institution and who are
competent to perform the duties set out in
subsection (2).
|
|
| Duties
|
(2) An audit committee shall
|
|
|
|
(a) review, and advise the board of directors
in respect of, the financial statements that
are to be included in the annual report of the
institution;
|
|
|
|
(b) oversee any internal audit of the
institution;
|
|
|
|
(c) review, and advise the board of directors
in respect of, the annual auditor's report in
respect of the institution;
|
|
|
|
(d) review, and advise the board of directors
in respect of, any plan and report of a special
examiner; and
|
|
|
|
(e) perform such other functions as are
assigned to it by the board of directors of the
institution.
|
|
| Auditor's or
examiner's
attendance
|
(3) An auditor and any examiner of an
institution are entitled to receive notice of
every meeting of the audit committee and, at
the expense of the institution, to attend and be
heard at each such meeting.
|
|
| Required
attendance
|
(4) The auditor or examiner of an institution
shall attend any meeting of the institution's
audit committee at which he or she is
requested to attend by a member of that
committee.
|
|
| Calling
meeting
|
(5) The auditor or examiner of an institution
or a member of the institution's audit
committee may call a meeting of that
committee.
|
|
| Disclosure of
material
developments
|
127. The chief executive officer of an
institution shall, as soon as reasonably
practicable, notify the Minister and any
commissioner or director of the institution not
already aware of them of any financial or other
developments that, in the chief executive
officer's opinion, are likely to have a material
effect on the performance of the institution,
relative to its objectives or requirements for
funding.
|
|
| Annual report
|
128. (1) Each institution shall, within four
months after the end of each financial year,
submit to the Minister an annual report on the
operations of the institution in that year.
|
|
| Form and
contents
|
(2) The annual report of an institution shall
be prepared in a form that clearly sets out
information according to the major businesses
or activities of the institution and shall include
|
|
|
|
(a) the financial statements of the
institution;
|
|
|
|
(b) the annual auditor's report;
|
|
|
|
(c) a statement on the extent to which the
institution has met its objectives for the
financial year;
|
|
|
|
(d) such quantitative information
respecting the performance of the
institution as the Minister may require to be
included; and
|
|
|
|
(e) such other information as is required
under this Act or any other Act of
Parliament.
|
|
| Annual
meeting
|
129. (1) The board of directors of an
institution shall call an annual meeting not
later than 18 months after the institution is
established and subsequently not later than 15
months after the preceding annual meeting.
|
|
| Notice of
meeting
|
(2) An institution shall, at least 30 days
before the annual meeting, publish a notice in
a major newspaper setting out the time and
location of the meeting and specifying that the
institution's annual report may be accessed on
an Internet website to be maintained by the
institution.
|
|
| Availability to
public
|
(3) At the annual meeting, the board of
directors shall ensure
|
|
|
|
(a) that there are available a sufficient
number of copies of the institution's most
recent annual report for those present at the
meeting; and
|
|
|
|
(b) that the chief executive officer and the
commissioners or directors of the
institution are available to those present at
the meeting to answer any questions about
the institution's operations.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Conflict of
interest
|
130. (1) No person who is appointed to, or
is employed by, a commission, board,
authority or institute established under this
Act shall be appointed to, or be employed by,
any other commission, board, authority or
institute established under this Act.
|
|
| Conflict of
interest
|
(2) No person referred to in subsection (1)
shall accept or hold any office or employment
that is inconsistent with that person's duties or
take part in any matter involving the
commission, board, authority or institute in
which that person has an interest.
|
|
| Conflict of
interest
|
(3) All persons appointed to a commission,
board or institute established under this Act
shall comply with the Conflict of Interest and
Post-Employment Code for Public Office
Holders, issued by the Office of the Ethics
Counsellor, as amended from time to time, as
though they were public office holders as
defined in that Code.
|
|
| Liability of
Her Majesty
|
131. (1) No person has a right to receive any
compensation, damages, indemnity or other
relief from Her Majesty in right of Canada in
respect of any claim against the First Nations
Tax Commission, First Nations Financial
Management Board, First Nations Finance
Authority or First Nations Statistical Institute
arising from its exercise of, or its failure to
exercise, any of the powers or functions of that
Commission, Board, Authority or Institute, as
the case may be, including any claim against
the First Nations Tax Commission as an agent
of Her Majesty in right of Canada.
|
|
| Insurance
required
|
(2) The First Nations Tax Commission,
First Nations Financial Management Board,
First Nations Finance Authority and First
Nations Statistical Institute shall maintain in
good standing at all times the insurance
coverage required by any regulations made
under paragraph 137(b).
|
|
| No
appropriation
|
132. No payment to the First Nations Tax
Commission, First Nations Financial
Management Board, First Nations Finance
Authority or First Nations Statistical Institute
may be made under an appropriation by
Parliament authorized under an Act of
Parliament to enable the Commission, Board,
Authority or Institute to satisfy any claim
referred to in subsection 131(1).
|
|
| No
compensation
|
133. No person has a right to receive any
compensation, damages, indemnity or other
relief from Her Majesty in right of Canada, or
from the First Nations Tax Commission, for
any acquired, vested or future right, or for any
prospect of such a right, that is affected by a
law approved by the First Nations Tax
Commission under subsection 29(3), or for
any duty or liability imposed on that person as
a result of such a law.
|
|
| Limit of
liability
|
134. No civil proceedings lie against a
commissioner or employee of the First
Nations Tax Commission, or any director or
employee of the First Nations Financial
Management Board or First Nations
Statistical Institute, for anything done, or
omitted to be done, in the exercise or
purported exercise in good faith of any power,
or in the performance or purported
performance in good faith of any duty, of that
person in accordance with this Act.
|
|
| Conflict with
other laws
|
135. (1) In the event of a conflict between
a local revenue law and an Act of Parliament
or any regulations made under an Act of
Parliament or a code made by a first nation
under another Act of Parliament, the Act,
regulations or code prevails to the extent of the
conflict.
|
|
| Conflict with
other first
nation laws
|
(2) In the event of a conflict between a law
made by a first nation under this Act and a law,
other than a code, made by the first nation
under another Act of Parliament, the law made
by the first nation under this Act prevails to the
extent of the conflict.
|
|
| Official
languages
|
136. (1) For greater certainty, the provisions
of the Official Languages Act applicable to
federal institutions apply to the First Nations
Tax Commission and First Nations Statistical
Institute.
|
|
| Official
languages
|
(2) Where there is a significant demand for
services in a particular official language, the
First Nations Financial Management Board
and First Nations Finance Authority shall
offer services in that language.
|
|